BLOCKCHAIN TECHNOLOGY IN PROJECT MANAGEMENT

Page | 1
 Abstract

Blockchain technology has recently garnered immense significance in the aspect of project

management with respect to the numerous benefits that it possess. . With the emergence of

blockchain technology, many industries are getting hugely benefited mainly due to the

excellent data protection provided by this technology. Its usage in project management is not

very wide, therefore, a lot of research must be done in order to implement it properly in

project management. Accordingly, the research has been conducted in order to study the topic

of "BLOCKCHAIN TECHNOLOGY IN PROJECT MANAGEMENT". Considering the vast

and vivid nature of the topic, the study has been conducted in a very organized manner by

dividing it into seven sections. A systematic review of secondary data has been performed in

the form of a literature review, in addition to stating the implications of project management

in a detailed manner. The data analysis has been performed on the collected qualitative data

before concluding the research with the provision of recommendations to improve blockchain

technology in general.

The main purpose of this research is to properly conduct a study on the topic

"BLOCKCHAIN TECHNOLOGY IN PROJECT MANAGEMENT". This is a very vast and

vivid topic, therefore, the study has been divided into seven consecutive sections and has

been conducted in a very organized manner. With the emergence of blockchain technology,

many industries are getting hugely benefited mainly due to the excellent data protection

provided by this technology. Its usage in project management is not very wide, therefore, a

lot of research must be done in order to implement it properly in project management.

The literature review analyses the technology and its implications in project management in

detail. Data analysis of the gathered secondary data has been conducted. Lastly, the research

Page | 2
paper concluded with answering the research questions and providing proper

recommendations for improving blockchain technology for any industry.

Page | 3
 Table of Contents

CHAPTER 01 - Introduction 6

1.1 Background of the Study 6

1.2 Rationale of the Study 8

1.3 Statement of Problem 8

1.4 Scope of projects 9

1.4.1 Research Questions 9

1.4.2 Research Objectives 9

1.5 Significance of the Study 10

1.6 Beneficiaries from the Study 10

1.7 Structure of the Study 11

CHAPTER 02 - Literature Review 13

2.1 Introduction 13

2.1.1 The concept of Project Management 14

2.1.2 The Detailed Concept of Blockchain Technology 16

2.2 Distributed Ledger Technology 17

2.3 Blockchain for Business and Management 18

2.4 Importance of Blockchain in Project Management 19

2.5 Usage of Blockchain in Different Industries 21

2.5.1 Construction Sector 22

2.5.2 Supply Chain Sector 24

2.5.3 Healthcare Sector 25

Page | 4
 2.5.4 Clinical Research Sector 27

2.5.5 Energy Sector 28

2.5.6 Internet Of Things (IOT) 29

2.5.7 Financial Sector 30

2.6 Applications of blockchain technology in project management 32

2.6.1 Cloud Storage 32

2.6.2 Private and Public Keys 32

2.6.3 Measuring Project Status 33

2.6.4 Speed 34

2.6.5 Security 34

2.6 6 Streamlining the Workflow (using Smart Contracts) 34

2.7 Opportunities Found in the Application of Blockchain Technology 36

2.8 The impacts of Blockchain Technology in the coming future 38

2.9 Summary of Literature Review 39

CHAPTER 03 - Research Methodology 40

3.1 Introduction 40

3.1.1 Exploratory research 40

3.2 Research Onion 41

3.3 Research Philosophy 42

3.3.1 Positivism and Interpretivism 42

3.4 Research Approach 43

3.4.1 Research approach for data collection 43

3.4.2 Research approach for data analysis 45

3.5 Data Collection Method 46

Page | 5
 3.6 Types of Analysis 47

3.7 Time Horizon 47

3.7.1 Longitudinal and Cross-sectional 47

3.8 Reliability and Validity 48

3.9 Ethical Considerations 49

CHAPTER 04 - Results and Analysis 51

Findings and Analysis 51

Discussion 64

CHAPTER 05 – Discussion and Recommendations 51

5.1 Discussion 70

5.2 Recommendations 73

5.3 Limitations of Research 75

5.4 Scope of Research 75

CHAPTER 05 06 - Conclusion 6876

5.1 Answer to Research Questions 68

5.2 Conclusion 69

CHAPTER 06 - Recommendations 71

5.4 Limitations of Research 72

5.5 Scope of Future Research 73

References 7482

Page | 6
 CHAPTER 01 - Introduction

1.1 Background of the Study

Blockchain and project management (PM) are two techniques that may be used to increase

the profitability and performance of any type of project management in the field of business

management.

Blockchain is a method of storing data in such a manner that it becomes difficult or even very

much impossible to alter, hack, or defraud it. A blockchain is a computerized or electronic

log of transactions that have been copied and disseminated throughout the blockchain's

complete infrastructure of computer servers (Hargaden et al., 2019). Every block on the chain

comprises a variety of transactions and whenever a subsequent transaction happens on the

database, a trace of that activity is recorded to the ledger of every stakeholder. Distributed

Ledger Technology, also known as DLT, is a decentralized database that is controlled by

numerous members. A blockchain is a form of distributed ledger technology in which

interactions or information of transactions are documented using a hash, which is an

unchangeable cryptographic identification (Gupta, 2018).

A blockchain is made up of numerous locations where project participants may connect with

one another. For complete transparency, every conversation and activity is stored.

Furthermore, financial issues may be better managed because all transactions and transfers

are visible to all parties. It offers a framework for project managers that permits input while

also providing more efficient supervision than standard project management methods.

The blockchain infrastructure functions similarly to an accessible spreadsheet for recording

transactions between different firms. Accepting and implementing blockchain technology in

Page | 7
activities and initiatives, on the other hand, is a challenging process. The most important

hurdles in managing projects, according to many researchers are manageability, market risk

problems, unpredictability, and consumer loyalty. Aside from that, the two main challenges

or barriers to effective blockchain implementation are high acceptance rates and

socioeconomic behaviour.

In this age of digital technology and innovation, evaluating technological advances and

determining their prospective application areas is essential for all businesses. A corporation's

fundamental business administration procedures must be improved to boost efficiency or its

whole operating model must be transformed in order for it to stay effective in the industry

and ahead of its competitors (Hewavitharana, Nanayakkara, and Perera, 2019). Many recent

studies have shown that it is important to give emphasis to its project management and other

service management approaches. Adopting innovative technology to alter project

management processes is an advantage in this circumstance.

There has also been a great opportunity for new applications in current years, notably in the

field of financial and project management operations. Blockchain technology has indeed been

considered as a viable replacement to the conventional infrastructures in this field. This same

blockchain technology, on the other hand, has the potential to transform many other aspects

of daily activities, such as distribution network management, Internet of Things (IoT) data

protection and confidentiality, and the power industry.

So, several project management developments in the areas of blockchain are becoming

conceivable in the near future, such as high-performance computing in an inter-organizational

environment in a short amount of time while maintaining the highest productivity, seeing as

blockchain technology can encourage more effective marketing collaborations (Hou, 2017).

Page | 8
Nevertheless, because blockchain is a relatively new technical idea, there may be

impediments.

1.2 Rationale of the Study

In today's globalised environment, firms frequently operate as virtual corporations to fulfil

various business objectives. They get more freedom and accessibility as a result of these

virtual operations. As a result, this project saw a chance to investigate and implement

blockchain technologies in project management. The use of blockchain technology in project

management processes enhances and extends the functionality of these processes, making it

easier for different components of the project management plan to operate together in a more

developed manner (Bai et al., 2018). Furthermore, this initiative claims that implementing

blockchain technology gives several advantages to project members, including increased

transparency, improved management, faster communication, and increased productivity. The

concepts of blockchain enabling the dispersion of processes among functional divisions of a

company working on the exact project have been emphasised by the aforementioned features.

1.3 Statement of Problem

Every project manager's priority is completing a project within the allotted timeframe and

money, and developing efficient working procedures amongst companies, suppliers, and the

project team becomes a vital part of ensuring the success of the project. Project management

in the older style is a closed book, with the program manager balancing customer

requirements and organizational effectiveness. Suppliers, corporations, and the authorities, on

the other hand, are interested in Blockchain, which offers the concept of a decentralised

network. Currently, blockchain technology is widespread, and it is seen as a modern internet

revolution that has the potential to transform the old corporate sector by providing more

Page | 9
private, accurate, and efficient services (Machado, Ricciardi, and Oliveira, 2020). As a result,

examining this technique is critical in order to comprehend how it may help with project

management issues, raise the likelihood of fulfilling project goals and targets, and improve

the likelihood of project success.

1.4 Scope of projects

1.4.1 Research Questions

What is your research aim?

The goal aim of the research is to look at howstudy the manner in which blockchain

technology may be used in project management by different companies to augment the

performance and profitability of the said company. In regard to its importance in the

technological sector, blockchain technology seems to have become totally famous across the

globe. As a result, it has a broad array of applications; however, because this course is

heavily reliant on project management, applying blockchain technology to project

management has been chosen. To study the subject, the researcher formulated these three

questions:

1. What are the core benefits of using Blockchain in the project management domain?

The principal benefits associated with the application of Blockchain in the domain of project

management pertain to the promotion of trust amongst the individuals working together who

have not been acquainted before, enabling the sharing of real-time data as a direct advantage

of the decentralised structure, improvement of security and privacy, increase in the speed of

transaction owing to the elimination of the intermediaries, enhancement of the visibility and

Page | 10
traceability of the project and the integration of innovation, to name a few, which will be

discussed later in the paper.

2. How wide is the scope of Blockchain application in project management?

The applicability of Blockchain technology extends to various industries, such as

construction and healthcare, and different types of project management, akin to cloud storage

and measurement of the status of the project, on the basis of the requirement. The paper

consists of a detailed analysis of the scope of application of Blockchain in project

management.

3. What improvements can be brought in the blockchain application to enhance the

project management output?

Despite the potential of its application, Blockchain technology possesses a number of

drawbacks. As such, improvement to the blockchain application can be made by means of

addressing the drawbacks that had been identified in the study.

1.4.2 Research Objectives

The research objectives of this study are:

1. To identify the core benefits of using Blockchain in the project management domain.

2. To understand and acknowledge the scope of Blockchain application in project

management.

3. To identify the improvements that can be brought in the blockchain application to

enhance the project management output.

Page | 11
1.5 Significance of the Study

Blockchain technology, which started as the foundation for bitcoin and other cryptocurrencies

on the internet, is currently expanding across a slew of sectors and is simply a digital ledger

responsible for recording and validating a large number of digital transfers. Blockchain

technology plays an important function in program management and therefore can aid in the

transparent and permanent execution of commercial transactions. Also, blockchain not only

helps project administrators and associate professionals but also keeps track of all project

information in a safe manner. It eliminates cyber risks by correctly encrypting it, making it a

straightforward solution. According to researchers, cybercrime is frequently considered the

world's foremost serious danger. Controlling it through network management is critical.

Companies must plan to minimise the danger of cyber-attacks.

The most significant benefit that blockchain brings to project planning is performance

optimization. Intelligent agreements, which are a coding system inside the block that could

show the contract's two principles, may be created (Wang et al., 2017). If the agreement's

criteria are satisfied, it will be immediately approved and/or executed without the need for

manual intervention. Nowadays, project management software is the driving force behind the

majority of initiatives. For several decades, it has been the most effective technique, but

blockchain technology has lately advanced to the point where it has revolutionised the

effectiveness of this procedure. Blockchain technology offers a lot of promise in managing

projects if implemented properly.

1.6 Beneficiaries from the Study

The study's key beneficiaries are the founders and administrators of companies from different

industries, who can use the results to formulate new methods for maintaining the privacy of

Page | 12
customers and guarantee that consumers are satisfied with their services. The research results

can then be used by the project managers of various small businesses to properly implement

it. Other potential beneficiaries include academics from other fields, academic institutions,

businesses, government agencies, and others who might be able to benefit from the findings.

1.7 Structure of the Study

The structure of the research study can be presented as follows:

CHAPTER 01- Introduction:  The introduction of this study serves multiple purposes. It

presents the background to the study, introduces the topic to the readers, states the aims and

objectives along with the significance of the study, and gives an overview of the paper.

CHAPTER 02- Literature Review: The literature review is the most crucial part of this

research. It contains all the major topics regarding the study and aims at answering the

research questions. Various sources, articles, and reports have been utilized to construct the

literature review.

CHAPTER 03- Research Methodology: This section discusses all the different approaches

that are used by the researcher to conduct this study. The different data collection methods

are described in this portion.

CHAPTER 04- Results and Analysis: The data that has been collected during the research

will be analyzed and evaluated under data analysis. The different outcomes and results are

also to be discussed. 

CHAPTER 05- Conclusion: This is the final section of the research paper which will interpret

the findings or results of this study.

Page | 13
CHAPTER 06- Recommendations: Recommendations will follow the conclusion part and

will further provide opinions supported by the report's outcomes.

Page | 14
 CHAPTER 02 - Literature Review

2.1 Introduction

According to Kwilinski, (2019), in the management and marketing areas, blockchain

technology has the potential to become a technological breakthrough. There is a shortage of

knowledge and information regarding new blockchain technology and its possible future

effects, which impedes its theoretical and empirical implementation. It is critical for

businesses to understand the impact and risks of blockchain technology adaptations and

implementations in order to gain and maintain economic opportunities. Without a question,

such innovative technology will also have a significant impact on the traditional project

management process. Unless the organisations recognise the transition, they will be stuck

asking what happened (Kwilinski, 2019). This current research not only acknowledges peer-

reviewed doctoral dissertations but also introduces a proper literature review investigation of

the most appropriate blockchain technology attributes to be incorporated into the life process

of the operation for effective project management. According to early studies of Kwilinski

(2019), Blockchain technology is an unchangeable, decentralised ledger technique that has

been used to enable the provisioning of cryptocurrencies. Blockchain technology is currently

being used to solve a variety of problems in a variety of fields. Distribution network,

pharmacological intervention, energy, construction, accountancy, and manufacturing are

examples, but project management is not one of them due to its current stage. Furthermore,

the majority of businesses utilise Ethereum blockchain and smart contracts to solve problems

and improve effectiveness in their particular marketing and economics operations. Several

studies reveal that smart contracts and decentralized ledger technology are perhaps the most

widely used blockchain elements in today's corporate organisations, and it also suggests the

kind of adjustments that businesses should do in order to manage future initiatives

Page | 15
(Kwilinski, 2019). Furthermore, systematic literature review study findings offer insight on

future research possibilities, such as an examination of the many methods that Bitcoin and

other decentralised blockchain technologies may be utilised to construct effective project

management frameworks.

2.1.1 The concept of Project Management

Project management is the discipline of organizing, projecting, developing strategies to reach

a defined goal, and putting those plans into action within the timeframe allotted in order to be

successful. Project management is not really a fresh idea; as per the Project Management

Institute, it has existed since the period of the pyramids, with the only difference being how

we interact with and administer it. Initiatives used to be merely predictable procedures with

predictable outputs, but they've evolved into a short-term, personalised, and adaptable

process.

Figure 1: Project Management Processes (Nicholas and Steyn, 2020)

According to Tijan et al. (2019), because project management is such a difficult and

sophisticated job that necessitates a great deal of knowledge, expertise, and practice, not just

Page | 16
anyone can become a project leader (Tijan et al., 2019). This paper concentrates on the use of

blockchain techniques in the area of managing projects, with an emphasis on making the

process easier and less difficult.

Upon every project they begin, the management team and project managers are responsible

for its success. In a typical project, there will be five key stages: initiation, planning,

execution, control, and closure. When taken collectively, these phases form the Project Life

Cycle, which describes a project's journey from concept to execution. A vast array of project

management methods may be used to manage projects. Regardless of the project type, a

similar array of project management techniques may be used. Despite the fact that each

project is unique, there are common life cycle concepts that may be utilised to create

deliverables in similar ways.

Project management is being used not just as a work approach, but also as a business strategy

in many businesses. Any growing technology developments which have the potential to

influence a corporation's long-term viability also impact the corporation's project

management practise and processes to some degree. Project managers should understand

what is likely, as well as the fundamentals of new technological developments and how they

may be integrated into the current project management procedure to improve the project life

cycle's effectiveness.

As per Meijer (2017), project managers are always researching improved approaches to

achieve set goals and create organisational change through project activities. However,

project objectives fail regularly or completely, and this is due to inadequate project delivery,

regardless of the business sector (Meijer, 2017). One of the reasons pushing an increasing

number of projects to invest in the skills and capabilities needed to support their setups in

Page | 17
bridging the costly gap between strategy and value distribution is the rise of emerging

innovations and the shift to highly interconnected value-creation frameworks.

Add Project Management in different industries.

Owing to the advantages of project management, the aspect has found application in a

number of industries and sectors, some of which are:

 In the creative industry, the requirement of adapting to the fast and notable changes

for the purpose of development of newer technologies, stakeholder structures and a

continual content demand mandate the introduction of project management to

overcome the volatility of the industries. According to Trier and Treffers (2021), a

effective way would be to transform the creative projects into the form of agile project

management. Furthermore, as stated by Ruseva (2019), the access to the finances

within the creative industries remains difficult consequent to the intangible nature of

the collateral and assets, the restriction of the market scale, and the uncertainty

pertaining to the demand, which can be facilitated by project management.

 The Fast Moving Consumer Goods (FMCG) sector require the management of

operations costs, establishment of a global presence, and the reduction of additional

expenses that is enabled by the introduction of project management.

 The aerospace and defence industry employ project management to manage the

process of hiring of employees, reduction of costs and management of time for the

completion of multiple projects within a limited timeframe with a greater efficiency,

while restricting the scope creep.

 The construction industry require project management primarily for the purpose of

risk management and regulation of the supply of goods in accordance with demand.

Page | 18
  The Information Technology (IT) sector applies project management to optimise the

needs associated with the project for the smooth functioning of the said project.

 The financial services industry utilise project management such that robust systems

can be established with the purpose of sustaining a company within the competitive

landscape of the industry, with the dependence on the systematic and defined process

that project management has to offer.

Add which part of PM you are focusing on. PM as a discipline is too wide for you to foc us

for Blockchain.

Within the realm of project management, blockchain finds application in the portfolio

management, protection of the project data, organisation of the project, optimisation of the

workflow using smart contracts, risk analysis, conflict management, and the integration of the

interest, resources and efforts of the stakeholders, in addition to the budgeting such that the

overall project goals can be accomplished, as put forward by Nicholas and Steyn (2020). In

the context of Program Management Information System (PMIS), which is a web-based tool

possessing a centralised nature that is employed for the monitoring and evaluation pf the

financial, physical and outcome parameters, the blockchain technology facilitates the

assurance of the integrity as well as the value associated with the data, while ensuring the

presence of a systematic communication amongst the various stakeholders that remain

involved with the project. Additionally, it also aids in the equal distribution of power amongst

the said stakeholders with respect to adhering to the time, expense and quality of the project

objectives (El Khatib, 2020).

Page | 19
2.1.2 The Detailed Concept of Blockchain Technology

Blockchain Technology is a decentralized transactional archive with unique characteristics.

It's structured as an expanding list of entries (blocks), each having financial data and a

timeframe, all of which have been cryptographically linked and secured. Once a peer-to-peer

channel of users has verified new blocks, they are deployed. There is no central authority that

approves or disapproves activities. The blockchain is spread across the blockchain platform's

nodes, enabling all users to make transactions. Blocks can not be readily altered after they

were introduced. The only way for the parties to change the transfer is to add an additional

block. As a result, the blockchain includes an everlasting and completely transparent record

of what occurred.

From the studies of Betzwieser et al. (2019), most significantly, there is a growing trend aside

from bitcoin exchanges: blockchain technology can enable a new era of open digitalization,

which might help projects become more productive in the future. To determine what research

has already been conducted on blockchain technology and project management, it is also

necessary to conduct a systematic search for relevant scholarly publications and papers

(Betzwieser et al., 2019). The major objective of this article is to serve as a springboard for

further research into incorporating blockchain technology into the project life cycle for more

effective project management. A detailed review of current works and research studies linked

to blockchain and project management is conducted in order to achieve this aim.

Page | 20
 Figure 2: Advantages of Blockchain (Source: ISHIR, 2021)

2.2 Distributed Ledger Technology

DLT (Distributed Ledger Technology) is gaining traction as a key positive factor in the

service industries or Financial Technology (“FinTech”) industry, and it has piqued the

interest of many financiers. The software allows for significant advantages as well as risk

reduction, but it also introduces a new series of problems, such as those pertaining to

anonymity rather than security (Syed et al., 2019). Others argue that it has the potential to

improve the way equities are allocated, traded, and accepted, as well as modify the

personalities of various corporate actors.

Page | 21
 Figure 3: Distributed Ledger Technology (Source: Vibrant Dreamer, 2021)

2.3 Blockchain for Business and Management

Blockchain is a revolutionary technology that has the potential to revolutionise the way

individuals and companies interact across boundaries. Blockchain technology is beginning to

impact a variety of industries, including banking, operations management, healthcare, fuel

and energy maintenance, and many more. It has been demonstrated to have an influence on a

variety of features of economic models. There are three major ways in which blockchain

technology may affect business models via verifying items, disintermediating, and lowering

trade costs. Managers should keep an eye on indicators of success in this field in order to plan

for future growth in their companies.

As per Syed et al. (2019), without the need for centralised administration or control, trust,

knowledge, open data interchange, and partnership are all possible. Blockchain has the

potential to become the primary source of technical innovation in government and industry.

Page | 22
There is a lack of understanding and recognition of blockchain technology, which disrupts its

theoretical and practical applications (Syed et al., 2019). In order to attain and maintain

advantages, businesses must grasp the actual benefits as well as difficulties of blockchain

technology.

The research assessed blockchain-inspired corporate concepts through a current

understanding of blockchain business apps, constructing on the theoretical view of the digital

corporate strategy and value creation to explore how members in this industry are utilising

blockchain systems to develop then remove worth, utilising a qualitative, multi-case research

framework. In particular, the research looked at five Chinese firms that have implemented

blockchain projects. The researchers developed a classification of 5 blockchain-inspired

corporate strategies based on their case studies, each of which reflects a distinct market

segmentation philosophy.

Many studies have looked at how blockchain can be used for open arbitration and

independent governance, as well as how it can increase transparency and efficiency while

reducing corruption. It addresses the blocks that work together to generate a flawless

accounting track of data, as well as the ramifications of banning bribery for megaprojects like

factories or powerplants (Oh et al., 2017). It also alludes to the government's current efforts

to eliminate transaction expenses associated with daily activities.

2.4 Importance of Blockchain in Project Management

Blockchain technology has the potential to increase project life cycle performance. The main

properties of blockchain, such as traceability and accessibility, create a trusting environment

between project teams, senior management, and investors, allowing individuals and groups to

act swiftly and securely (Norris, 2019). By systematising accounting, maintaining records,

Page | 23
and basic management chores, blockchain technology may aid project management teams

and their stakeholders, freeing executives from more challenging and value-added tasks.

Virtual data retention, virtual currency exchange, appropriate conduct confirmation,

reputation development, and smart contract operation are five areas where blockchain

technology may help with project management (Radanović and Likić, 2018; Navaneethan,

2020). Project leaders using blockchain technology will be able to use technology to expedite

their transition from inactive operators monitoring scope, expenditures, and objectives to

engaged, adaptive colleagues managing and executing important initiatives.

According to Radanović and Likić (2018), these are the early stages of blockchain-based

project management applications, which currently focus on payments and data management

and may be deployed across the project management process. Healthcare, engineering, and

the closely related domain of logistics network management are among the industries that

have already begun to explore the usage of blockchain technology in their businesses.

Research articles illustrate how blockchain may improve the performance of complex project

objectives like scientific testing, how smart contracts can change the coordination between

various projects, and how task management offices now have new tools to control

transparency and create trust. Those with sophisticated and scattered activities, as well as

those with product certification criteria or legal requirements for stringent confirmation and

evaluation, are the circumstances in which managers will benefit the maximum from

blockchain technology (Radanović and Likić, 2018). The findings of this study will be

critical in helping industry leaders and project leaders build better project management

methodologies and technologies for upcoming projects.

Page | 24
2.5 Usage of Blockchain in Different Industries

Owing to its initial phases, blockchain technology has been utilised in a variety of different

industries, including manufacturing, distribution network, power, medical, banking, and

innovation, but not in project management, according to a preliminary study. Blockchain

technology will have an influence on project management in the near future, but to what

degree and in what way is the major issue for everyone. Nonetheless, rather than allowing

blockchain technology to rule the realm of Project Management industry, experts in business

organisations must embrace the effort to control its implementation and manage its effect.

When individuals begin to use this technique, it will become successful.

Figure 4: Different Advanced Industries (Source: Congruent Solutions, 2021)

As per Ishmaev (2017), blockchain technology may be integrated into existing project

management methods by a variety of enterprises and agencies. Because blockchain has the

Page | 25
potential to modernise businesses, it has piqued the interest of several. Under the Blockchain

framework, tens of thousands of different approaches are being investigated. As a result,

project managers should take a closer glance at the topic (Ishmaev, 2017). To summarise, it is

critical to gain a better understanding of the innovation and how it can be incorporated into

current project management procedures.

2.5.1 Construction Sector

Inside the construction industry, sustainable development is now encountering issues with

energy use and expense. According to recent studies of Zheng et al. (2018), the industry

benefits significantly from the growth of sophisticated emerging innovations like Building

Information Management and Blockchain. Additionally, current Blockchain and Building

Information System applications in the viable engineering and building industry have

concentrated on advanced technologies and constructing renovation management, with slight

awareness paid to fix the intricacies of integrating BIM to metropolitan design and

developing methods for implementing these technologies in construction supervision.

Furthermore, the research paper considers the potential benefits of combining Blockchain

Technology with a BIM-based approach to creating data management. The initial attempt to

employ Block chain-assisted BIM for effective construction partnership and collaboration

across multiple building phases has been discovered. According to reports, the Blockchain +

BIM conceptual layout for the Sustainable Construction Information Management System

was created, assessed, and refined for construction project management (Zheng et al., 2018).

Form and stream are split into two levels in the system. This layout, which enables project

members to handle information, has the ability to enhance and facilitate the success of

sustainable development goals through the cooperative integration of digital contracts

Page | 26
integrated into the customer-driven Blockchain framework, as well as BIM's tracking data

exchange feature at three user-driven prices, including customer, procedure, and payment.

The study by Turk and Klinc (2017) highlight the significance of blockchain technology in

the process of delivery of the project in accordance with the smart contracts. Furthermore, the

point of view of McKinsey emphasis on the capability of blockchain technology in handling

the government policies such that sustainable development can be fulfilled. Additionally,

blockchain technology can enhance both the quality and the accuracy of the surveying data,

while aiding in project planning in the construction industry (Hewavitharana et al., 2019).

Figure 5: Blockchain Technology in Construction (Source: Ellis, 2020)

Building projects need a broad group of companies. The degree to which their contact was

structural and interpersonal, and how, in general, innovation necessitates the standardization

of data management during data-intensive eras. Interaction behaviours amongst stakeholders

indicate the peer-to-peer character of the connection while utilising non-restrictive

Page | 27
technology. In such a case, blockchain technology can offer a secure data processing solution

at all stages of the design process. Even when construction data modelling is utilised, which

involves a centralised project management system, blockchain's objective is to control

information about who did when and what, as well as to give the basis for any judicial views

that may emerge. Building paper records, activities completed, and component quantities

recorded on the job site might all benefit from the blockchain (Zheng et al., 2018). The

secure processing of crucial data is a huge advantage of blockchain throughout the plant's

recovery period.

2.5.2 Supply Chain Sector

The purpose of one of the prominent studies was to see how BC technology will affect future

supply chain management processes. A comprehensive evaluation of professional and

academic studies was conducted. In an attempt to have a better understanding of blockchain

applications, a variety of sources from throughout the sector were examined. While

blockchain technologies continue to evolve, they are rapidly gaining traction in the

management of the supply chain, with trust serving as the primary motivator for adoption.

This paper identifies several problems, as well as gaps in knowledge and research

opportunities. Greater openness and accountability, digitalization and decentralisation of the

distribution chain, better information security, and cryptographic protocols are the four

primary values.

In particular, the topic of how to build a blockchain-based distribution network from a design

standpoint has been explored. However, certain blockchain research is removed from the

review owing to the writers' experience and choices. This article also includes vital

information for distribution network domain specialists on how BC innovation has the ability

Page | 28
to alter present supply chain demands as well as a number of impediments to its efficient

enhancement (Andoni et al., 2019). The study investigates the financial and social

implications of blockchain technology, and it is the first primary study to look into the current

state of blockchain technology incorporation in supply chain sectors. This lays a solid

platform for future efforts.

Products and associated materials are key components of the distribution chain, according to

a comparable article on the distribution chain by Al-Saqaf and Seidler (2019). The efficiency

of the distribution chain sector is heavily influenced by inventory choices. Data from the

supply chain is also critical for effective business development. A key factor that is usually

overlooked in business development is label removal, validation, or research termination. For

a variety of strategic considerations, this is a major issue. Blockchain technology can aid in

the resolution of knowledge-related issues. Traceability, legitimacy, protection,

dependability, and smart application are all features of blockchain technology that might lead

to brand deletion.

There is a lot of enthusiasm about the possibilities that internet-based ledger technologies

offer for procedures and supply chain governance, such as enhancing customer efficiency and

confidentiality, working to improve quality assurance, preventing illicit embezzlement and

identity theft, developing a sustainably controllable distribution network sector, enhancing

record management, and eliminating the need for intermediaries, all of which will have an

impact on future project management. There are numerous methods for firms to obtain a

competitive advantage by enabling themselves to use blockchain technology irrespective of

competitors, to strengthen their market position (Al-Saqaf and Seidler, 2019). Organizational

leaders must, however, examine the characteristics of their commodities, services, and supply

chain operations to determine if they require or would benefit greatly from the deployment of

Page | 29
the blockchain. As such, within the supply chain sector, blockchain technology finds

application in and is beneficial for problem solving, offering traceability, protection,

reliability, accountability as well as the aspect of smart implementation that, as stated by

Navaneethan (2020), is essential for the undertaking of rational decision.

2.5.3 Healthcare Sector

Despite the fact that blockchain was first used with Bitcoin, efforts are underway to broaden

its usage to a wider range of applications. Another area where blockchain technology is

expected to have a significant influence is affordable healthcare. Because empirical research

in this subject is still relatively new but growing rapidly, healthcare and social information

systems research teams and experts are continually struggling to stay up with the progress of

research on this issue. However, there are insufficient model implementations and studies to

determine the viability of the proposed use cases. As a result, further research is needed to

fully understand, describe, and analyse the benefits of blockchain in the medical industry.

Contributed to the satisfaction of cryptocurrencies, blockchain technology has grown

increasingly popular in recent years and has infiltrated a variety of sectors. Owing to the

demand for a better patient-centric approach to healthcare services, as well as to combine

scattered systems and enhance the dependability of patient wellbeing data, blockchain

technology has a great opportunity in the healthcare industry (Akram et al., 2020). The

analysis of patients' medical data is absolutely important in the healthcare industry. Such

information is extremely valuable, making it a prime target for cyber-attacks. All confidential

material must be safeguarded. Furthermore, another business scenario that might benefit from

contemporary technology is transferring and acquiring ownership of a customer's medical

Page | 30
information. Blockchain technology is resistant to attacks and weaknesses, and it comes with

a variety of authentication options.

Clinical practise should be combined with privacy preservation, accessibility, and

thoroughness. The enormous size of the healthcare industry adds to the need for cost-cutting.

The goal of blockchain technology in medicine, in combination with software applications

developed on top of it, is to ensure general security while ensuring that particular handlers

may easily link and browse a durable data archive. By joining users directly without giving

responsibilities to third-party suppliers, blockchains, also referred to as data ledgers, provide

for a mix of price reduction and increased access to information, theoretically giving better

results at lower prices (Monrat, Schelén, and Andersson, 2019). New firms are attempting to

use blockchain technologies to tackle real-world challenges, such as managing public health,

centralising information, controlling and complying with directives, reducing bureaucratic

expenses, and coordinating medical information from a growing multitude of outlets.

In summary, within the healthcare sector, the primary benefits of blockchain technology

pertain to the reductio of costs, enhancement of the accessibility to knowledge through

improving the linkage between the individual participants in the absence of an obligation to a

third-party provider, and the provision of better outcomes at the reduced costs from a

theoretical perspective. It also aids in the control and compliance with orders, management of

public health, minimisation of the bureaucratic overheads and the coordination of the medical

data from an increased number of sources (Hyla and Pejaś, 2019).

2.5.4 Clinical Research Sector

The difficult task of recruiting suitable patients for clinical trials is now commencing.

According to the National Cancer Institute in the United States, only about 5% of prospective

Page | 31
grownup cancer patients participate in clinical trials, despite the fact that 70% of People are

able or willing to participate in such research. One of the main reasons is that the current

recruiting method is labour-intensive, and it often necessitates paying contract research firms

to go to physicians' offices and identify individuals who are eligible and interested in research

participation. Clinical study under-enrollment is becoming more of an issue for research

scientists. The necessity to prolong the period of research on a frequent basis is a key cause of

rising pharmaceutical research costs. The reality that a great majority of individuals are

willing to disclose their medical information for a helpful purpose as long as their

confidentiality and welfare are protected suggests that blockchain has a significant role to

play. Blockchain, according to one of the world's largest pharmaceutical corporations, can

also aid in the resolution of a frequent clinical research problem (Monrat, Schelén, and

Andersson, 2019). It also envisions a scenario in which a distributed ledger for healthcare

management allows patients to securely save their clinical records, making it accessible to

research organizers who can subsequently contact consenting individuals if their information

fits them for the medical research.

Figure 6: Blockchain in Healthcare (Source: Hölbl et al., 2018)

Page | 32
2.5.5 Energy Sector

Many researchers described a distinctive fundamental peer-reviewed scientific research

project aimed at providing a comprehensive appraisal of blockchain technology in the

popular energy sector. The study looks at 140 blockchain-related academic papers and start-

ups to get a sense of the possibilities and relevance of blockchains for power or fuel

solutions. Furthermore, potential challenges and restrictions are meant for a range of

application scenarios. The articles end with a discussion of the company's barriers and

problems that technology must fulfil in order to go beyond the hype phase, establish its

financial viability, and finally gain public acceptance.

The incorporation of blockchain technology into the energy sector seeks to create new

operational structures that are centred on domestic growth and sustainable practices, and are

driven by a peer-to-peer relationship with public participation. Energy blockchains, on the

other hand, differ from typical blockchain systems in that they must deal with energy network

topology, follow power regulations, and adhere to technological standards (Garcia-Teruel,

2020). These new features, it appears, enable global energy blockchains that are highly

dependent on the cooperation of service providers, technicians, and energy providers.

The energy system has started to be revolutionised by information and communication

technology, and blockchain currently offers an additional opportunity to make the network

better, more productive, more reliable, and more consistent over time. The following aspects

with exchange energy savings were identified: inaccurately evaluating savings, lack of

information accountability between people involved, and expensive and wasteful operating

procedures. These challenges can be resolved by incorporating a blockchain-based intelligent

agreement channel, including the Ethereum blockchain.

Page | 33
2.5.6 Internet Of Things (IOT)

The Internet of Things (IoT) technologies has lately gotten a lot of prominence because of

blockchain technology. The most common applications are in banking, where Blockchain

Technology offers a comprehensive technological infrastructure that may be used to solve

threats and vulnerabilities issues. Nonetheless, this technological innovation has promising

importance in its most complicated scientific fields, and it can contribute significantly to the

development of the Internet of Things in a variety of ways, including increasing

decentralisation capacity, supporting transactions, permitting new money transfer models,

and encouraging independent device collaborative work.

Modern supply networks have evolved into very complicated quality networks, and they have

become a significant source of modest value. Nonetheless, confirming the origins of assets

and maintaining the accessibility of products and services when travelling through the supply

chain industry has become exceedingly challenging. Organizations will profit from the usage

of the Internet of Things (IoT) to identify, supervise, and manage items, processes, and

procedures inside their unique supply chain networks. Material tracking is used in many IoT

applications to manage warehousing and distribution processes, as well as manufacturing and

transportation (Kim Lee and Kim, 2020). In combination with IoT, Blockchain technology

will enable a wide range of application scenarios to increase value chain transparency and

business-to-business trust. When used together, Blockchain and the Internet of Things do

have the potential to boost the usefulness and competitiveness of supply chain processes.

2.5.7 Financial Sector

Blockchain technology has the potential to change the worldwide economic system in order

to encourage long-term growth and make more effective use of technology than is presently

Page | 34
the case. Nevertheless, some banking institutions are focusing on blockchain technology in

order to boost financial advancement and accelerate the spread of renewable energy sources.

An analysis of the genuine achievement of the Bitcoin cryptocurrency framework was

undertaken in 2017 to help comprehend the capabilities of blockchain technology to

encourage the financial services domain (Nanayakkara et al., 2021), even further highlighting

major drawbacks of it, such as massive energy production due to high device energy

prerequisites and high infrastructure costs (Kim Lee and Kim, 2020; Navaneethan, 2020). In

particular, the electricity generation and hash frequency of the Bitcoin system was

determined over time. Lastly, to evaluate the effectiveness of the Bitcoin system in real-world

use, the research developed three metrics: "monetary effectiveness," "effective services," and

"operating excellence." (Cocco et al., 2017).

Tax avoidance, terrorist funding, and financial fraud are three themes connected with South

American and Caribbean finance, according to a new study by researchers. Regrettably, tiny,

financial companies in all of these countries are vulnerable to these crimes. This problem

causes greater standards and regulatory expenses connected with the due investigation when

banks engage with overseas banks. Commercial banks refused to deal with customer due

diligence rules, resulting in $161 million in fines imposed by the US in 2010. These fines

have increased by 65 per cent to more than $2.6 billion by 2015 (Muminova et al., 2020).

This problem has deterred US banks from establishing ties with Latin American and

Caribbean banking firms.

Furthermore, research shows that Blockchain technologies can assist in two ways with this

situation. Firstly, blockchain has the potential to lower standards and regulatory expenses

while increasing payment transparency, prompting banks to reorganise formerly profitable

Page | 35
relationships. Secondly, blockchain technology and cryptocurrencies could be expanded to all

linked jump-frog banks, allowing smaller institutions to connect to international markets via

peer-to-peer trades. This innovative technology has the ability to fulfil both goals because of

its constant, permanent, and centralised properties.

According to a study by Muminova et al. (2020), the number of financial technologies

("FinTech") businesses in the United States and the United Kingdom has increased to over

4,000 in recent years. In particular, worldwide investments have grown from $1.8 billion to

$24 billion in the last 5 years. The financial services sector is undergoing rapid technological

developments in order to keep up with company possibilities and challenges, consumer

requests, expectations, and demographic shifts. Since 2008, Bitcoin has swiftly grown into

the contemporary financial environment (Muminova et al., 2020). It also emphasises the

importance of peer-to-peer money transfer, cash management, digital banking service

providers, and investment prospects not just for digital currency market participants, but also

for electronic currency company investors and, maybe, more importantly, users.

Page | 36
2.6 Applications of blockchain technology in project management

Figure 7: Different Benefits of Blockchain (Source: Islam et al., 2020)

Here are a few instances of how blockchain technology may be used:

2.6.1 Cloud Storage

The sort of cloud services that blockchain technology can provide reduces the risk of

individual mistakes, hacking, and information leakage. All data transfers are recorded and

digitised in a manner that all project members can view and track. Blockchain technology

enables the storage of more information than simply data, such as the amount of time it takes

to accomplish activities.

2.6.2 Private and Public Keys

Page | 37
A private key and a public key are 2 essential concepts in blockchain technology. Private

keys have been used to generate digital signatures for payments, while public keys are

algebraic approximations of the private key. Everybody else on the blockchain may see this

public key. Because responsibilities can now be assigned using private keys, and public keys

could be used to monitor where information is transported to and from, blockchain has the

capability to change management positions. The main advantage of blockchain technology in

this situation is that it operates in real-time, resulting in quicker responses and more effective

projects.

According to a study by Pastor, Olaso, and Fuente (2018), only one out of six programs that

did not include blockchain technology exceeded 70 per cent over budget. Owing to its

capacity to improve transparency, efficiency, and creativity within groups, blockchain has the

potential to save projects a considerable amount of money. Projects that put more effort into

performance management using blockchain technology, but on the other side, are more likely

to succeed in terms of investment, planning, and quality of deliverables, among other things.

Without a centralised regulatory body, blockchain will continue to be a public technology

that may be used by any project. It also does not imply that security is jeopardised since all

information is double-checked by thousands of machines before being uploaded to the system

(Pastor, Olaso, and Fuente, 2018). This guarantees that critical information is kept protected.

2.6.3 Measuring Project Status

Public data may be used to assess the progress of initiatives at a given point in their timeline.

After accounting for characteristics like baseline performance, public project status reports

are relatively straightforward to generalise. This eliminates the time-consuming task of

creating secret project progress reports.

Page | 38
2.6.4 Speed

Regardless of the efficiency with which it executes payments, blockchain technology will be

useful in project administration. According to different data, only one out of 7 initiatives is

overdue by 70%. Blockchain technology works in real-time, and payments made on it are

recorded 24 hours a day, seven days a week, which implies that any project handled utilizing

blockchain technology will be completed quicker than one that is not (Holotiuk and

Moormann, 2018).

2.6.5 Security

Project management is a contractual arrangement between the program supervisor(s) and the

participants; their dealings are preserved in a public record for safety purposes, which, while

secure, is nevertheless vulnerable to hacking. But, utilizing a blockchain ledger as a data

storage system will not only render such a document impregnable but also devoid of

tampering by any party. In instances when there is a difference or a disagreement, this will

give clarification.

2.6 6 Streamlining the Workflow (using Smart Contracts)

A very well element of blockchain technology is indeed the smart contract. A smart contact

computerized transaction programme that is based on logic. They are agreements that execute

themselves without the need for human involvement. The contract is produced and

electronically signed whenever the customers agree on specific terms and circumstances. The

contract runs itself when the presetpre-set criteria are satisfied. Smart contracts' functionality

renders it an ideal project management tool.

Page | 39
Smart contracts might be used to optimise payments between project leaders, personnel, and

shareholders.

Smart contracts are particularly beneficial for launching complicated projects involving

numerous intermediaries, such as the development of a building, which would necessitate the

delivery of resources such as masonry, steel, and stones from many organisations (Drljevic,

Aranda, and Stantchev, 2020). These separate entities' contracts and interactions might be

digitised.

In project management, smart contracts have the following application areas:

● Transactions with vendors, subcontractors, and independent consultants are made

automatically. When it comes to contract agreements, payment is issued after the

deliverables have been obtained. When a job is completed on a web design project,

the money is paid to the freelancers.

● Performance management is used to ensure that project's goals are met. One may

define performance metrics for members of the team who are engaged in a certain

task, for instance. One may promote employees, offer them additional duties, or

give them incentives if they do well. Smart contracts can also be issued for

purchasing, approval of time and expenditure sheets, job completion documents, so

on and so forth (Golosova and Romanovs, 2018).

● Project status updates are automatically approved. They must determine the

project's goals and create a smart contract that records progress toward those goals.

The project progress statement will be immediately submitted after all objectives

have been met.

Page | 40
2.7 Opportunities Found in the Application of Blockchain Technology

The potential identified in the implementation of blockchain technology that might be useful

for project management tasks is listed below.

Reducing costs

Because of its low-cost framework, financial organisations including banks and insurance

firms have resorted to blockchain study and implementation. This may be a condition of

survival for many businesses since the notion of blockchain is just too destructive to their old

business structure (Lind et al., 2018). For brokerage services like transaction clearing and

fraudulent investigations, banks and credit or debit card firms charge roughly $2 trillion in

fees each year. Many of these may be successfully automated and expenses reduced by

switching to a blockchain network. As a result, the use of blockchain can reduce the risk of

exorbitant rates.

According to Lind et al. (2018), in several other businesses, nevertheless, the monetary

transformation aspects of the blockchain (such as accountability, reduced need for

trustworthiness, and strong and irreversible database systems) minimise the cost burden

involved with initiating and documenting transactions (Lind et al., 2018). Regarding record-

keeping, businesses are substituting their unprotected ledgering and centralized inventory

management system with a decentralized blockchain system. Data that is stored on the

blockchain is much more dependable. This information can be reliable and offer knowledge

that is aligned with actual aims when utilised for project management (such as machine data).

Increasing traceability

Page | 41
It's critical to show that each and every connection in the distribution network complies with

safety and quality requirements for political and regulatory considerations (Kim et al., 2018).

It was the same worry expressed before in the form of economic difficulties and economic

conduct, as the situation is quite unclear. Every element or commodity has accessibility to a

"virtual passport" owing to blockchain technology. In other terms, at any point along with,

the procedure, its source and travel can be clearly identified (Kim et al., 2018).

Organizations, from manufacturers to collectors, shippers, and merchants, have always

handled these records systematically. As a result, there are several possible failure sites, such

as security breaches, which might lead to identity theft. The diamond sector, where

traceability is also a major issue, has eagerly embraced blockchain. As a result, this illustrates

the real advantages of blockchain technology when used in project management.

Improving customer experience

Loyalty programmes drive repeat behaviour and give information on customer behaviour.

Typically, the data included in these operations could be filtered, maintained, and analyzed

centrally through the use of blockchain technology (Prabhu and Das, 2020). When a business

adopts a blockchain-based technology, it may quickly build procedures to please customers.

Consumers may also take advantage of the worth of their transactions and receive immediate

advantages. Blockchain-based reward cards have already been offered to the market by a few

start-ups. Consumers may simply move and trade value across different shops as a result of

this. Consumers might opt to reinvest the wealth they acquire in what they require now

instead of wasting money initially, which can result in a transfer of incentives and loyalty

points. As a result, more pleased customers may arise.

Page | 42
 Figure 8: Opportunities (Source: FAUZI et al., 2020)

2.8 The impacts of Blockchain Technology in the coming future

For several decades, project managers were the only ones who had exposure to knowledge on

the initiative's process. With the advent of blockchain technology, however, all project team

members may view the project's process from a broader perspective. For instance, blockchain

technology could transform the distribution network by collecting all occurrences from the

beginning to the delivery of the final product. All of the data will be kept in a shared database

that everyone involved in the project will have direct exposure to.

According to Prabhu and Das (2020), blockchain technology improves project integrity and

consistency, allowing project leaders to see exactly what steps staff may take to complete a

project. Blockchain technology already has been utilised in logistic chain administration,
Page | 43
property development, and medicine, according to research (Prabhu and Das, 2020). Most

manufacturing sectors, for example, get various parts of devices from many vendors via

operations management. These sectors may use blockchain technology to track the

manufacture of these elements from the design phase to the completed product, guaranteeing

that all of the device's features operate properly.

2.9 Summary of Literature Review

Blockchain is a game-changing technology in the field of project management. It will make

lives easier and safer by altering how private information is kept and how goods and services

are purchased. Each transaction is recorded in an immutable and permanent manner using

blockchain technology. Corruption, extortion, data theft, and system failure are all impossible

with this unbreakable digital ledger. Industrial, retail, logistics, healthcare, and property

development are just a few of the industries that will be affected by this technology.

Microsoft, IBM, Facebook, American Express, Amazon, Pepsi, Chase, Samsung, Philips, and

Dole are all pursuing blockchain adoption as early as possible.

Page | 44
 CHAPTER 03 - Research Methodology

3.1 Introduction

The research questions are investigated through a procedure termed research methodology,

which involves many methodologies and phases. The approach of the study is discussed in

this portion of the project. It specifies the project's methodologies, processes, and approaches.

This approach involves the identification, gathering, and assessment of information in order

to produce the best solution. The information in the study is presented in such a way that

readers may successfully comprehend the entire research and improve their capabilities and

expertise (Snyder, 2019). It also covers the procedures and methods for gathering data about

blockchain technology and analysing it. The methodology and techniques used to conduct the

research are determined by the study's purpose. Another name included in this research

strategy is the research framework. The study methodology is a design for obtaining data and

presenting it in a manner that allows the study to lead to a conclusion. There seem to be three

categories of the study utilised in research methodology: exploratory, descriptive, and

explanatory investigation.

3.1.1 Exploratory research

According to research investigation, in the event of an exploratory inquiry, new conditions

are created. As a study subject, a wide statement is presented with no explanation. The

themes are examined and research questions connected to the issue are developed with the

assistance of this study. This approach aids in the discovery of fundamental issues and data is

gathered based on the available evidence for the purpose of gaining information (Nayak &

Singh, 2021). For this research on blockchain technology, a hypothesis is formed, and

undesirable data is removed from the system. Information is collected through published

Page | 45
studies, questionnaires, and focus groups. The researcher utilised an exploratory research

strategy for this study.

3.2 Research Onion

Figure 9: Research Onion (Source: Melnikovas, 2018)

The research onion aids in the advancement of research techniques since it allows the

researcher to create the whole approach. The research onion concept that was provided by

Saunders is used to perform a full research article in the format of an appropriate structure.

The investigator may concentrate on gathering data and providing an effective as well as

plausible reason using this technique. The obtained data is maintained and is used in a

methodical manner. This technique uses a variety of models and methods to assist researchers

in following the framework step by step and doing the entire study correctly (Clarke &

Visser, 2019). Here, the researcher picked the approaches they wish to use for gathering data

Page | 46
and analysing it for blockchain technology in order to produce the proper knowledge for the

subject at each phase. This makes the study more accessible and easy -to -read for the readers

and future researchers in the long term.

3.3 Research Philosophy

The very first section of the research onion is research philosophy, which aids in the

explanation of the subject's structure. It also includes instructional material on the subject.

Even the layer contributes to the generation of thoughts that aid in the future study. The

acquired data may be investigated in this research, and the data is regarded as a philosopher's

perspective of course, which is irrelevant. The methodological approach may be established

with the aid of research philosophy, and a pragmatic justification in the form of knowledge

can be provided (Kanu, 2019). The investigator on blockchain technology has strong

relationships with the subject and gathered information, which is affected by the research

philosophy. Investigators can provide strong support for the research by using research

objectives. This layer aids in the development of research topics and the efficient completion

of the entire study.

3.3.1 Positivism and Interpretivism

This research uses both the positivism as well as interpretivism approach of study. The

researcher's mindset is referred to as positivism in research philosophy. For the purpose of

completing the study, the researcher devised many hypotheses. The idea was then subjected

to many stages of testing before being finalised by researchers for implementation. The

information rebutting is done throughout the data gathering procedure. For constructing the

hypothesis and determining the ultimate consequences, the real theory is employed. Because

any modifications will not be examined in the data, external variables have no impact on data

gathering processes (Rajabov, 2019). It is an effective strategy for understanding blockchain

Page | 47
technology in project management since it aids in the elimination of unreasonable data

including the use of only the necessary facts. Positive data is essential in research philosophy

because it strengthens the strategy.

Interpretivism, on the other extreme, is a long-standing tradition. The interpretivism method

is utilised in this study in a variety of ways. The data utilised in the study, for instance, should

be effective, accurate, and insightful. Interpretivism research might be characterised as

skewed. Analyzing the data and redeveloping it for useful information is how the theory is

built in this technique.

3.4 Research Approach

Research methods are a set of guidelines and processes for gathering data, analysing it, and

discussing it. Within the topic, there are a number of issues on which the research strategy

should be based (Snyder, 2019). Participants’ personal experiences with the research are also

included. There are two sorts of research methods: data gathering and data analysis.

3.4.1 Research approach for data collection

Actual values are extracted from the gathered data and treated as reasonable arguments in the

data collecting technique. The theory used in the study is put to the test, and associated

factors are described within the research objectives. This is regarded as standard

dependability in the study (Ryder et al., 2020). Another divide is noted in this study

approach: quantitative and qualitative data gathering methodologies. Both techniques have

their own strategies for collecting data and resolving data problems.

3.4.1.1 Qualitative and Quantitative

Page | 48
The primary objective of qualitative data collection is data collection, and this strategy does

not place much emphasis on data processing tools such as analytics. This technique is largely

hypothetical, and as a result, the whole data gathering is done by accumulating hypotheses

and assisting in the formulation of definitive conclusions. Under this technique, modifications

to the findings can be made throughout the data gathering process. However, in the event of

quantitative data collecting, the statistical technique is used, which creates a link between the

knowledge the researcher already had and the understanding he or she gained throughout the

procedure. The items provided by both approaches are reasonable, but their gathering

processes differ (Fidahic et al., 2020). The qualitative data gathering approaches are

employed in this study.

Quantitative approaches are used to perform assessments like interviews or surveys in the

research. The investigators in the survey create the questionnaire, which guarantees that

intriguing questions are created that are entirely linked to the issue. Participants are more

likely to tackle each item and provide proper responses if the survey questions are interesting.

When respondents are asked dull or unpleasant questions, they lose all interest and do not

give it their all, wasting the time and money spent on the study.

For this research on blockchain technology, the qualitative information technique aids in the

execution of respondent interviews and the collection of data for the study. It is critical to

obtain information for the study, therefore the researcher uses questionnaires, interviews, and

review of the literature to gather information. In each technique, the review of the literature

plays a different function (Babii, 2020). The literature review serves as an essential part of

the qualitative technique and offers relevant information. Qualitative approaches are used to

identify the theory and apply it to research. The qualitative review of the literature is more

comprehensive than the quantitative review of the literature. No mathematical concept is used

Page | 49
in the qualitative approach, which aids in giving reliable information and drawing final

findings that aid in achieving the study objectives.

Based on the foregoing factors and types of methodologies, themethodologies, the present

study has solely focused on qualitative data.

3.4.2 Research approach for data analysis

Deductive and inductive strategies are the two main approaches used by researchers to

acquire data during data analysis.

3.4.2.1 Deductive Versus Inductive Approach

For specific assumption review and validation, the researcher used deductive and inductive

techniques. The inductive method aids in the collection of facts for study and the

development of theories. Based on the research philosophy of a study, positivism is a

deductive method, whereas interpretivism is an inductive technique.

The scenario is followed for data analysis while using an inductive method. This strategy is

employed because of the interpretivism in this technique. This aids the researcher in correctly

analysing the data. Owing to this technique, the researcher establishes and evaluates the

assumptions, and the ultimate findings are created (Willmott, 2020). In a deductive method,

on the other extreme, the researcher constructs the hypothesis if a link between independent

variables is correlated. Hypotheses are next evaluated using quantitative methodologies using

the data obtained in this stage. In the event of a deductive method, however, the gathered

samples are effectively employed for producing the required data. In the deductive method,

the investigator needs an interpretation and assistance in connecting the findings to the

objectives. However, with the inductive technique, the researcher takes into account a variety

of occurrences. The inductive technique uses fewer components than the deductive approach.

Page | 50
The researcher uses bothBoth the inductive and deductive techniques have been employed in

the current research article and develops a research philosophy has been developed from the

characteristics of key aspects using positivism and interpretivism (Kogan, Mayhew &

Vasarhelyi, 2019). The researcher produces the findings of the study and assists in giving

crucial information in the research report to help readers have a better understanding of the

subject regarding blockchain technology.

3.5 Data Collection Method

The data collecting technique is another crucial component of the study process. It specifies

the sort of information to be gathered. There are two categories of data collection, which are

primary and secondary. The gathering of new, original, and actual data is the emphasis of

primary data (Sun and Lipsitz, 2018). It's utilised when the research calls for current data. For

example, if the study is based on COVID-19 patterns, primary information would have been

required because the pandemic is recent. The key benefit of primary data is that it is

straightforward to manage and can be customised to the study's unique needs. It is gathered

by a survey questionnaire, a focus group, or interviews.

The other technique is secondary data, which is based on the acquisition of already collected

information. It has been implemented here for gathering knowledge about blockchain

technology. Although this technique of data collecting is less costly and more accessible, it

cannot be adapted exactly to the study's needs (Sun and Lipsitz, 2018). It's gathered from

previous authors' studies and research, which utilised the same characteristics but in a

different situation. The precise data is not taken because it is deemed plagiarised, but it is

reinterpreted and used in accordance with the present study's aims.

Page | 51
Based on the foregoing factors and types of methodologies, according to the prior

determinations, the present study fully relied on secondary data to investigate this issue. The

subject, namely Blockchain and its implementations, is the primary criterion for choosing this

technique. To study blockchain technology and its application and implementation, there is

lots of data accessible in IEEE and other academic reports, which is available on the internet.

The selection criteria has been limited to articles explicitly in the English language with a

publication data no more than five years. The search terms pertained to ‘blockchain

technology’, ‘project management’, ‘benefits’, ‘traceability’ and data security’, to name a

few. The scope and potential benefits of blockchain in project management have been

reviewed and evaluated as this data is collected. The present constraints imposed by

pandemics are another rationale for selecting this technique (Sun and Lipsitz, 2018). Due to

the constraints of lockdown and social distance, gathering information via surveys and

discussions has become impossible. As a result, secondary qualitative data is more practical

in this situation.

3.6 Types of Analysis

Two sorts of analyses are performed to examine this data: content analysis and thematic

analysis. The obtained data is rigorously evaluated against the literature of research in content

analysis. Consequently, the data findings would be primarily based on the systematic review

of the selected secondary data such that the research questions can be addressed effectively.

The researcher creates particular themes based on the objectives/variables in the acquired

data during thematic analysis.

Page | 52
3.7 Time Horizon

The researcher devised a timetable to ensure that all of the study assignments are completed

by the due date of submission. This time horizon also aids the researcher in properly

following the processes (Greening, 2019). Longitudinal and cross-sectional time horizons are

the two types of time horizons. It is the most essential aspect of the study and aids in the

organisation of the entire study. If the researcher fails to complete the job within the allotted

time, the purpose of the study will be defeated.

3.7.1 Longitudinal and Cross-sectional

In this study, the researcher used a cross-sectional time perspective for the qualitative

approaches. The cross-sectional time horizon evaluated a single set of conditions across a

certain length of time. The researcher is given a specified time restriction to complete the

research paper throughout this phase. This was the most common approach employed by the

researcher while completing collecting data from reports (Greening, 2019). During this

process, the relationship between the variables is discovered, allowing for successful

hypothesis testing. In the cross-sectional time horizon, a qualitative approach is also

employed to collect data. The researcher sets a time limit for the research and follows the

guidelines at all times. To minimise confusion, a brief reason is provided and a specified time

is established for each procedure.

However, in the situation of longitudinal time spans, data transitions happened and evolve on

a regular basis. As a result, the researcher will require additional resources to finish the study.

This method collects and examines data, and they believe frequent adjustments are necessary,

therefore they utilise this time frame. Parameters have no control over the data acquired by

the researcher because of the modifications. The time consumed in this time horizon

procedure has no boundary, and it is possible that the right findings will not be obtained at the

Page | 53
conclusion of the study (Baron, 2019). It will fall short of the researcher's and other

stakeholders' aspirations.

3.8 Reliability and Validity

Validity and reliability are two key characteristics in research methodology that has been

useful in this study. The validity and reliability of a research study influence its effectiveness

and acceptance. The researcher must verify the accuracy and reliability of the study technique

in order to provide trustworthy and appropriate research findings. The efficiency of the

instruments employed is referred to as validity. It checks if the results correctly represent the

calculations that should have been made. If a study is genuinely accurate, it shows the results'

legitimacy and guarantees that they are credible and acceptable. The term "reliability" refers

to a study's precision. Proper data has been collected on blockchain technology. To ensure

accuracy, the researcher attained the same aim at varying periods using the same technique.

3.9 Ethical Considerations

During information collection, the investigator applied the guidelines of inquiry and performs

the research in accordance with the rules and regulations of the code of behaviour for

investigators. To prevent plagiarism, the researcher verified that he or she does not copy-

paste straight from previous works. In addition, through referencing, the investigator

provided due acknowledgement to the actual researchers (Wang et al., 2019). They ensure

that no one is harmed throughout the research, such as money issues, plagiarism, or

emotional stress. Indeed, the findings of the research demonstrate that the research is based

on reliable data that complies with all existing rules and regulations, as well as supplying the

evaluator with the required information. If any research conducts surveys, in that case, the

investigator should ensure that they are not pushing them in any manner, whether consciously

Page | 54
or inadvertently, to participate in the research. Furthermore, data for this study is collected in

a timely way from the sources to ensure that no illegal methods of gathering data and

information are employed (Wang et al., 2019). Considering this, the researcher may seek help

from the administrators in order to be precise in the study. The administrator will be able to

assist them through each phase. This also reduces the probability of issues arising.

Furthermore, academics ensure that a previous study's conceptual foundation is fairly

understood or addressed so that it does not conflict with the current research. The

investigators are in charge of processing the data in their database or somewhere where it is

prohibited. The research for this study was done using the Google tool, which guarantees that

the information obtained is genuine (Ryder et al., 2020). Also, while collecting data, the

researcher should make certain that the reader is not disadvantaged or discouraged by the

study's result. These are some of the factors that contribute to a study's credibility and

reliability, as well as its future consequences.

Based on the foregoing discussion, it can be concluded that the research technique aids in the

provision of appropriate secondary research. Different tactics and methods are used in the

study to collect data and analyse it in order to create useful knowledge. In addition, the

research technique aids in a thorough understanding of the entire study.

3.10. Timeline

TASKS Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8

Develop the aim and objectives
Collect data for Literatures
Select the methodology for the
project
Collecting primary and
secondary data
Analyse the collected data
Provide recommendations and

Page | 55
present concluding perceptions
Present a final draft

Page | 56
 CHAPTER 04 - Results and Analysis

Findings and Analysis

The fundamental cryptocurrency platform, blockchain, is already changing the way

companies do business and therefore will soon transform the approach with which people

manage projects. Could project management come first? Will blockchain technologies are be

used to pay freelancers in digital currency initially, or will other technologies emerge first?

Financial intermediaries are likely to be used in Project Management Information System

(PMIS) solutions that begin with Blockchain (Ølnes, Ubacht, Janssen, 2017). Smart contracts

add programmed intelligence to transactional logic, especially information storage. For

project management, one may anticipate three primary application scenarios for smart

contracts. Blockchain smart contracts might be used by PMIS tools to:

● streamline subcontractor requirements and obligations transactions, such as invoicing

and reimbursements when assignments are authorized or objectives are completed.

● program or stage authorization/closure, group member appointments, time and

expenditure sheet permissions, operation and assignment development or

accomplishment records, modification administration events, re-establishing project

procurement choices, so on and so forth.

● report on the status of the project

For various reasons, the final issue is more plausible in the near future because:

Page | 57
 ● PMIS solutions can begin leveraging the existing software APIs in a fair manner

to end-users who seem to be unaware of the Distributed ledger technology.

● More and more innovative approaches are being used by project-based

companies to deliver agile management review monitoring, eliminating the

formality of document formulation or management through meetings (Swan,

2017). The recommended method is to use the internet for real-time monitoring.

● There's a strong link connecting project performance and good surveillance. A

lack of appropriate project monitoring and control methods is at the root of all

significantly unsuccessful projects, which result in significant cost and time

overruns. Additional efforts, on the other hand, spend time on frequent reviews.

Variances and projections are compared to project success benchmarks, and

corrective measures are performed to achieve project management objectives

such as time, money, scope, and quality, among others (Feng et al., 2020). It's

critical to measure and adapt on a frequent basis if businesses want to accomplish

the project on time and on a proper budget. If developers hear the Project

Manager mention something like this, they know the work is effectively

managed: We currently have a budget of €10,000. What could we do to conserve

€10,000 so that we can complete on time? At the end of the project, we expect a

3-week schedule variance. What could we do to conserve three weeks and

complete the project on time?

Project progress at a specific date could be simulated using both public information, which all

participants have permission to see, and private information, which is only available to the

project team members and a few relevant parties:

Page | 58
 ● It's tough to generalise secret project status information using blockchain. Each

company and project will necessitate changes. It generally contains information

on the project's economic condition, such as approved/intuited/actual costs and

expenditures; planned vs. implemented reserves; actual/authorized project

profitability at the project status deadline, pending/submitted/paid bills thus far,

and so on. Other criteria include team's success, knowledge gained,

communications logs, problem logs, assumption logs, risk logs, stakeholder logs,

quality assurance metrics, and so on.

External project status reports, but at the other extreme, are simple to generalise if they

include basic project documentation like the current project stages, health screening,

benchmark performance, scope, timeline, cost, and revisions (Garg et al., 2021). These 4

variables can reflect the official project progress record at any given time:

Throughout the series of review periods, they may leverage these official records to establish

a trustworthy project log:

Page | 59
Any public document for a given project can be in one of four states:

● Private record: The status of the project has not really been recorded on the

Blockchain.

● Public record: The project leader has kept an official record of the project's

progress on Blockchain (Ali et al., 2021).

● Verified record: At a minimum, one participant has confirmed that the progress

of the project contained in the PMIS instrument equals the details in the PMIS

instrument.

● Invalidated record: At a minimum, one participant has verified that the project

status contained in the PMIS instrument does not resemble the details in the

PMIS instrument.

Consider the following scenario:

Page | 60
● Users with direct connections to the PMIS instrument could see that the periods

August 17th and 24th have not been released; the schedule August 31st has been

made public but no one has validated that yet; the periods September 7th and

21st have been validated, but the schedule September 14th has already been

altered in PMIS and may not align the Blockchain database.

● On August 17th and 24th, the project coordinator could always upload. He may

even “unpublish” September 14th and make it available again, which will trigger

a fresh Blockchain activity that will be protected in a separate block, according to

the PMIS application (Min, 2019). Consider the following state diagram, which

depicts the potential transitions:

Page | 61
The PMIS mechanism generates a file from private information and compares the hash

operation output with the one saved in Blockchain to openly validate a progress update to

participants. Every one of the accessible tools might be used to obtain Blockchain

information if a participant knew the transactional code. How could project progress be

communicated to programmes, portfolios, and organisations? They just need one document

for every project, the one that corresponds to the announced progress date, to combine the

portfolios or programme status depending on its constituents (Machado, Ricciardi, and

Oliveira, 2020). They may acquire a picture of the organisational project management state

by aggregating industrial unit elements:

Each project-reliable company should expect massive project management advancements:

Page | 62
 ● Shareholders in dependable projects will have more confidence in project

management, be better involved in planning phases, and be more effective in assisting

with the completion of projects.

● Project leaders in dependable projects will follow certain guidelines in the evaluation

of performance because they are aware that their ability to manage the project is being

scrutinised.

Participants and project managers are aware that management review reports are stored on

Blockchain, but fundamental specifics must be hidden in the PMIS application. Furthermore,

Blockchain technology enables different PMIS products to communicate with one another as

long as they agree on protocols and information. With the debut of Bitcoin in 2009,

blockchain technology went from concept to implementation, proving that this digitized

distributed ledger technology functions. Ever since businesses have been experimenting with

how they might use blockchain to their advantage (Machado, Ricciardi, and Oliveira, 2020).

Blockchain is being used by big-name corporations, federal agencies, and charitable

organisations to enhance old procedures and allow new business opportunities. The

usefulness of blockchain comes from its capacity to communicate data across parties in a

quick and secure manner, without requiring anyone institution to undertake responsibility for

data security or transaction facilitation.

Trust

Where credibility seems to be either non-existent or untested, blockchain establishes trust

amongst multiple demographics. As a consequence, these businesses are interested in

participating in payments or sharing of information that they might not have undertaken

previously or which would have necessitated the use of an intermediary. Amongst the most

Page | 63
frequently mentioned advantages of blockchain is the ability to facilitate trust (Hou, 2017).

Initial blockchain application scenarios demonstrated their usefulness by facilitating

transactions between companies that did not have direct links but needed to share information

or make payments. Bitcoin and cryptocurrencies in the aggregate are classic instances of how

blockchain allows parties who don't trust one another.

Decentralized structure

Whenever there is no central player to facilitate confidence, blockchain demonstrates its

worth, according to Daniel Field, director of the blockchain at UST, a leading provider of

digital technologies and operations. So, in addition to facilitating confidence when players are

unfamiliar with one another, blockchain facilitates data exchange inside a corporate

ecosystem where no individual firm is solely responsible. Multiple firms, from vendors and

transportation services to manufacturers, wholesalers, and consumers, want or require

intelligence from those in the distribution network, but nobody is in command of supporting

such information exchange (Hou, 2017). The decentralised nature of blockchain addresses

this problem.

Improved security and privacy

Another major advantage of blockchain-based systems is their confidentiality. The increased

security provided by blockchain is due to the way the process works. With end-to-end

encrypted data, blockchain produces an unchangeable record of all the transactions that

prevents fraud and illegal conduct. Furthermore, blockchain information is stored all over a

communication network, rendering it almost hard to attack (unlike traditional computer

networks that keep information together in networks). Additionally, by encrypting data and

Page | 64
demanding authorization to restrict exposure, blockchain can handle concerns about

confidentiality better than conventional computer networks.

Reduced costs

The characteristics of blockchain could also help businesses save money (Kwilinski, 2019). It

improves payment processing efficiency. It also simplifies monitoring and auditing

procedures by reducing manual chores such as data aggregation and amendment. Financial

companies save money when they use blockchain, according to experts, since blockchain's

capacity to expedite clearance and settlement correlates immediately into operational cost

reductions. In general, blockchain assists organisations save money by removing the

middlemen, suppliers and third-party suppliers, who have traditionally handled the work that

blockchain could do.

Immutability

Immutability basically implies that operations can't be altered or cancelled after they have

been added to the blockchain. All activities on the blockchain are specially formatted, time

and date stamped, resulting in a record forever. As a result, blockchain may be used to

monitor data across time, allowing for a safe and trustworthy audit of data. In comparison,

paper-based recordkeeping is prone to errors, and outdated computer systems can be

damaged or abandoned (Tijan et al., 2019). As an illustration of the benefit's possibilities,

Studies show that Sweden's usage of blockchain to digitise real estate investments in order to

maintain track of ownership rights as they change ownership.

Individual control of data

Page | 65
According to professionals, blockchain provides an unparalleled level of individual

sovereignty over one 's personal digital information. According to studies conducted on this

topic, in a market where information is an important asset, the technology automatically

secures the information while enabling them to govern it. People and organizations may

choose which parts of their digital information they wish to disclose, with whom, or for how

often, owing to blockchain-enabled intelligent agreements that set restrictions.

Tokenization

Tokenization is the procedure of converting the worth of a real or electronic commodity into

a virtual token, which is then stored on and distributed via blockchain (Tijan et al., 2019).

Tokenization has taken off with visual painting and other digital products, but researchers

who have been studying this aspect of blockchain technology in detail for a very long time

believe it has wider implications that may simplify commercial transactions. Tokenization

might be used by utilities to trade greenhouse gas emission permits under carbon cap

schemes, for instance.

Innovation

Professionals in a variety of sectors are experimenting with and adopting blockchain-based

solutions in order to overcome intractable issues and enhance long-standing inefficient

procedures. As an instance of such development, researchers mentioned the application of

blockchain to authenticate the information about the job candidates' resumes. A high number

of people fake their applications, according to studies, having left hiring supervisors with the

time-consuming chore of manually validating the material (Meijer, 2017). However,

experimental projects that permit participating institutions to post information about their

Page | 66
graduation and certificates issued on the blockchain, which can subsequently be accessible by

approved hiring supervisors, assist to address both issues, accessing the reality and finding

out the truth swiftly and effectively.

Disadvantages and challenges to bear in mind

Early blockchain deployments have also shown several of the technology's drawbacks and

problems, according to experts. To begin, blockchain-based products need the usage of the

system by everyone involved in the whole operation. As a result, everyone must participate in

the technological installations and process adjustments that come with the transition to the

new blockchain-based service. Furthermore, many businesses do not feel that blockchain can

currently offer significant enough profits to warrant the expense of upgrading old systems,

according to experts.

Page | 67
 Figure 10: Limitations of Blockchain Technology (Source: Islam et al., 2020)

Several blockchain-based technologies also require the assistance of other procedures and

controls to means that the information being uploaded to the blockchain is correct.

Considering the utility of blockchain in distribution network management, for instance. Such

systems might be used by businesses to ensure that their subcontractors have paid all

necessary taxes (Meijer, 2017). However, if businesses rely on vendors to validate this

without any independent verification, the blockchain solution's usefulness is diminished.

According to research, this is the largest flaw in blockchain currently. It is assumed that all

parties engaged conform to the same set of rules, yet anyone might lie. As a result,

information must be double-checked. There must be a process in place to verify the

information. Given the technology's decentralisation, many corporate implementations of

blockchain sometimes necessitate some kind of central oversight. The question of who will

deal with trust and etiquette violations remains unanswered.

Not a short-term technology

Experts advise CEOs to carefully evaluate where companies make major blockchain

commitments in light of these warnings. They emphasised that blockchain's full worth is

realised when it's utilised in situations where a traditional database won't function and when

there is no common command and control or trustworthiness. There really is no difficulty for

blockchain to address if there is a high degree of confidence. However, the greater the lack of

transparency or the possibility for corruption, the greater the application situations. This is

where blockchain plays its role (Betzwieser et al., 2019). Researchers believe that combining

blockchain-based technologies with computer technology, machine learning, or another

decision-making framework is beneficial. Despite this, experts think that blockchain will lead

Page | 68
to disruption and corporate change, even if it won't happen anytime soon. It is crucial to

realise that although blockchain is groundbreaking, in theory, it will not alter society these

days. Perhaps in 15 - 20 years, but this is not a short-term technology.

Not Completely Secure

Other systems are less safe than blockchain technology. It does not, nevertheless, imply that

it is totally secure for users. The network infrastructure may be hacked in a variety of ways.

Here are a few ways in which this can actually take place in organizations:

51% attack: In a 51 per cent assault, an individual can gain management of the system if it

can control 51 per cent and more of the components in the system. They can access the

information in the blockchain and double-spend as a result of this. This is feasible on systems

wherein miners or nodes may be controlled (Betzwieser et al., 2019). This indicates that

network devices are more prone to be immune to 51 per cent of assaults, but public

connections are more susceptible.

Double-spending: Another issue with the existing blockchain technology is double-

spending. To avoid double-spending, the system of blocks use a variety of consensus

methods, such as Proof-of-Stake and Proof-of-Work. Any network vulnerable to the 51 per

cent attack can engage in double-spending.

DDoS’s attack: The networks are attacked with specific complaints in a DDoS attack,

clogging the connection and knocking it down.

Cryptographic cracking: The cryptographic approach that blockchain technology employs

is just another way in which it is insecure. Cryptographic decryption is more than susceptible

to being broken by quantum algorithms or computers. Nevertheless, quantum-proof

cryptographic methods are already being implemented in blockchain systems.

Page | 69
Some Blockchain Solutions Consume Too Much Energy

Bitcoin was the first to use blockchain technology. It employs the Proof-of-Work agreement

mechanism, which entrusts the heavy effort to the miners (Syed et al., 2019). The miners are

rewarded for solving difficult mathematical tasks. The enormous energy expenditure of these

complicated mathematical questions makes them unsuitable for use in the actual world.

The miners must solve issues each time the ledger is refreshed with a transaction made

freshly again and again, which requires a great deal of energy. Not all blockchain systems,

however, function in the same way. Different consensus methods have successfully handled

the challenge. An authorization or restricted connections, for instance, do not have such

issues since the number of nodes in the connection is constrained. They also employ

economical consensus procedures to establish consensus because there is no requirement for

international agreement.

Page | 70
 CHAPTER 05 - Discussion and Recommendations

5.1 Discussion

The use of blockchain technology in project management is still in its early stages, with the

majority of deployments occurring within the previous five years, at the very most. But even

so, a preliminary study has been undertaken depending on the potential application of

blockchain technology to the business sector, assuming that particular attributes of

blockchain technology and/or intelligent agreement performance characteristics are

appropriate to the sector's complicated, multi-agent, and even sometimes segmented project

management (Oh et al., 2017). According to many pieces of research, blockchain-based

systems can help with various elements of project data management as well as providing a

general-purpose data management foundation on which additional solutions, methods, tools,

and innovations can be developed.

Other scientists investigated the effectiveness of blockchain technology in project

management, particularly in connection to the anticipated usage of smart contracts in the

development, strategic planning, and implementation of separate agreements. A survey was

performed in research that received 117 answers from employees from various organisations.

The findings point to a general apprehension about adoption, which is characterised by a shift

away from vital human connection. Automatically implemented code, code untraceability,

and grievance redressal were all cited as variables to take into account, while a significant

decrease in personal communication was cited as an "unknown" predicate, particularly in a

business that relies on communitarian requirements to ensure seamless agreement

implementation and/or the adjustment of problems and disagreements mid-contract (Oh et

al., 2017). For instance, the researchers point out that human contacts are critical in the

Page | 71
construction sector, as they provide methods for forming connections, and they describe the

widespread concern that technology may jeopardise the benefits of forming philosophically

based commercial ties.

This study presented exploratory research focused on discovering the balance (if one exists)

between both the profession of project management and blockchain technology, in order to

overcome the scarcity of previous researches carried out explicitly focused on the connection

between blockchain technology and project management. With far too many advantages, it's

no surprise that organizations are resorting to blockchain technology to help them run their

day-to-day business. The theory is that by documenting everything in a distributed ledger

accessible to everyone participating in the enterprise, the blockchain may transform many

different sectors. This provides for comprehensive and reliable monitoring and evaluation of

projects, as well as other benefits such as knowing how long it takes staff to finish their tasks.

Blockchain has already been used in a variety of industries, including healthcare, property

development, and distribution chain management. In the case of distribution chain

management, most companies do not manufacture all of the components that go into a

machine, which may lead to serious issues if a product is defective owing to a third-party

element (Radanović and Likić, 2018). Most development projects include numerous suppliers

and subcontractors offering lots of different elements that must all function together

flawlessly, and any breakdown point might spell disaster. Major merchants, such as Wal-

Mart, have already started using blockchain technology to monitor and identify purchased

Chinese pork from farmland to table by equipping producers and farm labourers with

cellphones and a blockchain ledger that tracks each pig's essential data.

5.1.1 Project management technologies already based on Blockchain

Page | 72
In mid-2018, a project called Zoom surfaced as a possible manifestation of a blockchain-

based project scheduling and administration solution. According to Drljevic, Aranda, and

Stantchev (2020), Zoom is advertised as a possible answer for creating and managing "virtual

organisations" made up of geographically dispersed individuals (Drljevic, Aranda, and

Stantchev, 2020). The designers claim that their approach is a unique way of coordinating

remote employees around common project objectives, with blockchain technology playing a

key role in contract negotiation, administration, and implementation, as well as offering a

framework for productivity and transaction accountability.

Alehub, an alternative option, advertises itself to be a project management platform that helps

parties organising collaborative projects with project implementation, contract resolution, and

organisational systems and practices. The company's major focus appears to be on

transferring contract formulation, implementation, and resolution to a custom-built smart

contract-ledger infrastructure, with a random value exchange token (ALE Token)

coordinating trades between parties involved in the transaction. Alehub appears to believe

that because of this, it will alleviate a number of potential project management constraints,

including contract dispute, peace agreement, and adjudication, as well as procedures for

short-term temporary workers hired through electronically communicated peer-to-peer job

markets like UpWork or TaskRabbit.

Many present a function-based approach to planning and coordinating distributed skilled

workers (using smart contracts). The network protocol, according to the developers, will

provide a variety of functions, including token generation, reward mechanism administration,

and relationship management (Liu et al., 2020). Some researchers try to apply similar

functionality to parts of human administration, changing rules between individuals to enable

them efficiently manage by harmonizing motivations around common goals.

Page | 73
Other researchers, on the other hand, focuses on offering tools that "encourage creativity and

large-scale collaboration." The product line includes a program that tries to integrate project

management features into current open-source project development repositories hosted on

GitHub. An incentives system module and a referendum system module are also included in

their current processes. The features address unique difficulties that emerge throughout the

project management plan, particularly in decentralised companies or initiatives with a large

number of disparate participants.

5.2 Recommendations

CHAPTER 06 - Recommendations

Becaus Owing toe blockchain's basic qualities, such as openness and auditability, promote

rapidity, precision, and trust, project management appears to be a good fit for the platform

(Gupta, Sinha, and Bhushan, 2020). Yet, research reveals that although managers see the

benefits of blockchain to influence strategy and reduce boardroom and C-suite decision-

making flaws, few have made substantial headway.

Blockchain has gone a long way from being just another term a few years ago to becoming

one of the most sought-after technologies throughout the world. And it's not going anywhere.

Blockchain is appealing in project management for a variety of reasons, including improved

data protection, quicker transactions, and cost reductions. As Blockchain is among the safest

privacy protection technologies available currently, it would be a mistake to take its safety

lightly. As Blockchain technology advances, so will its flaws, and it'll only be a matter of

time until attackers figure out how to get into Blockchain networks.

Page | 74
Therefore, attention must be paid to the loopholes that might exist in the technology. As it has

huge scopes, it can be misused. In order for innovation to be accepted by the general public,

user-friendly platforms, applications, and tools must be developed that need little technical

knowledge. This is due to the fact that having too many modern digital platforms might be

troublesome. Blockchain and Bitcoin are indeed difficult to utilise for those who aren't

techies or program designers. Simply submitting a transaction is difficult. Everyone needs to

formulate strategies to make it simpler as a community because that's the only way to

improve its adoption (Alla et al., 2018). To protect themselves from unwanted cyber assaults,

businesses must secure their Blockchain from the outset by adopting robust verification and

encryption key vaulting methods.

Some crypto-assets (besides Bitcoin) and their blockchain networks don't have as much of a

problem with blockchain durability. Although many methods are being deployed as a

remedy, many people argue that it is not a simple fix. It's extremely costly to keep data on the

blockchain, according to studies. That is why all of these solutions attempt to store

information off-chain and transfer it to the blockchain on a regular basis. However, searching

through the information kept is still difficult. That is why experts believe that in a perfect

scenario, there has to be a means to transfer data to a decentralised ecosystem and then search

for the information required (Atzori, 2015). Developers are attempting to fix this problem

using a decentralised database, which is presently not permitted by the blockchain.

When the constraints of intricacy and speed are overcome, broad use of blockchain

technology tends to minimise political consequences as well. Furthermore, if the technology

were to be employed to monitor medical records, for example, it would be immediately

constrained by current regulations all across the world. Therefore all these factors are

recommended to be considered.

Page | 75
5.2.24 Limitations of Research

The main drawback of this study is that the investigator had to rely on secondary information

to perform it because primary data were not particularly available due to COVID-19. Many

people couldn't be found to provide primary data on this subject. In addition, the researcher

was unable to perform any kind of interviews and surveys (Boyko, 2013). As a result,

primary data alone is inadequate. Furthermore, because there are not many types of research

on this issue, the researcher was incapable of collecting correct and satisfying data.

5.2.35 Scope of Future Research

The scope of this study in the future is wide and positive. In the future, researchers can study

the topic “Blockchain technology in project management” with more accuracy and detail. It is

advised that they conduct more interviews, polls, and surveys of people that are linked with

the different industries that can implement blockchain. That being said, future researchers can

fetch answers from project managers by providing them with online questionnaires (Boyko,

2013). This will help the researchers to have a better understanding of the views of

blockchain technology in project management.

Page | 76
 CHAPTER 05 - Conclusion

5.1 Answer to Research Questions

1. What are the core benefits of using Blockchain in the project management

domain?

Blockchain technology has the potential to improve numerous project management tasks. The

basic properties of blockchain, such as openness and accountability, provide a trusting

environment for working groups, senior executives, and consumers, allowing individuals and

institutions to operate quickly and confidently. PMOs and their partners may benefit from

blockchain by streamlining record-keeping, verification, and basic collaboration activities,

allowing managers to focus on more complex and value-adding operations (Khan, Arshad,

Khan, 2018). PMOs using blockchain technology may use automation to accelerate their shift

from passive administrators of scope, budgets, and deadlines to active, adaptive leaders and

executors.

2. How wide is the scope of Blockchain application in project management?

Accordingly, Bblockchain technology has been adopted across a wide range of industries.

Even though this new technology is mainly used in the financial industry, its efficacy is being

studied in other fields as well. Every project manager may utilise blockchain technology to

improve business performance. To establish specifications, scope, cost, timeframes, and

achievements, blockchain may be used to negotiate with all stakeholders. These transactions

will also be identified, verified, and validated using blockchain. Such technology can aid in

the resolution of any situation including reconciliation, adjudication, or conciliation.

Blockchain technology has a bright future all around the world (Golosova and Romanovs,

2018). In the banking industry, Blockchain technology has shown to have a huge potential.

Page | 77
Besides the banking industry, blockchain technology has a bright potential in a variety of

other fields.

3. What improvements can be brought in the blockchain application to enhance the

project management output?

Furthermore, Ddespite the fact that blockchain is gaining popularity, many academics and

scientists have yet to examine its application in education. Other than that, this research paper

has also identified many disadvantages of this technology that can really be hazardous in the

long run. All these drawbacks must be addressed immediately (Niranjanamurthy, Nithya, and

Jagannatha, 2019). Even though this technology is gaining huge importance and attention

from different fields, a lot of improvements must be made.

5.2 Conclusion

To conclude, Wwhen compared to conventional management techniques, blockchain

technology provides a new strategy for businesses to finish projects on schedule, with good

precision, and at a cheap cost. Adjusting to a new system, on the other hand, might take a

long time. Blockchain is still in its early phases of growth, and its full potential has yet to be

realised. However, by attempting to construct a distributed ledger to record any project-

related data, the project manager will be able to convey the timeline, cost, difficulties, and

dangers to all participants in actual time and with complete transparency (Gatteschi et al.,

2018). All stakeholders may have faith in the system since it delivers assured and

unadulterated data on the project's progress.

While blockchain systems are becoming more extensively used, there are still a number of

challenges to be resolved. Blockchains would become not just more efficient and accurate,

but also more resilient as a result of this. When assessed separately, the characteristics they

Page | 78
provide are not novel, and the majority of the processes on which they are built have been

well-known for years. Yet, the conjunction of all of these characteristics makes them

excellent for a wide range of applications, explaining the high level of interest from a variety

of sectors.

Page | 79
 CHAPTER 06 - Recommendations

Because blockchain's basic qualities, such as openness and auditability, promote rapidity,

precision, and trust, project management appears to be a good fit for the platform (Gupta,

Sinha, and Bhushan, 2020). Yet, research reveals that although managers see the benefits of

blockchain to influence strategy and reduce boardroom and C-suite decision-making flaws,

few have made substantial headway.

Blockchain has gone a long way from being just another term a few years ago to becoming

one of the most sought-after technologies throughout the world. And it's not going anywhere.

Blockchain is appealing in project management for a variety of reasons, including improved

data protection, quicker transactions, and cost reductions. As Blockchain is among the safest

privacy protection technologies available currently, it would be a mistake to take its safety

lightly. As Blockchain technology advances, so will its flaws, and it'll only be a matter of

time until attackers figure out how to get into Blockchain networks.

Therefore, attention must be paid to the loopholes that might exist in the technology. As it has

huge scopes, it can be misused. In order for innovation to be accepted by the general public,

user-friendly platforms, applications, and tools must be developed that need little technical

knowledge. This is due to the fact that having too many modern digital platforms might be

troublesome. Blockchain and Bitcoin are indeed difficult to utilise for those who aren't

techies or program designers. Simply submitting a transaction is difficult. Everyone needs to

formulate strategies to make it simpler as a community because that's the only way to

improve its adoption (Alla et al., 2018). To protect themselves from unwanted cyber assaults,

businesses must secure their Blockchain from the outset by adopting robust verification and

encryption key vaulting methods.

Page | 80
Some crypto-assets (besides Bitcoin) and their blockchain networks don't have as much of a

problem with blockchain durability. Although many methods are being deployed as a

remedy, many people argue that it is not a simple fix. It's extremely costly to keep data on the

blockchain, according to studies. That is why all of these solutions attempt to store

information off-chain and transfer it to the blockchain on a regular basis. However, searching

through the information kept is still difficult. That is why experts believe that in a perfect

scenario, there has to be a means to transfer data to a decentralised ecosystem and then search

for the information required (Atzori, 2015). Developers are attempting to fix this problem

using a decentralised database, which is presently not permitted by the blockchain.

When the constraints of intricacy and speed are overcome, broad use of blockchain

technology tends to minimise political consequences as well. Furthermore, if the technology

were to be employed to monitor medical records, for example, it would be immediately

constrained by current regulations all across the world. Therefore all these factors are

recommended to be considered.

5.4 Limitations of Research

The main drawback of this study is that the investigator had to rely on secondary information

to perform it because primary data were not particularly available due to COVID-19. Many

people couldn't be found to provide primary data on this subject. In addition, the researcher

was unable to perform any kind of interviews and surveys (Boyko, 2013). As a result,

primary data alone is inadequate. Furthermore, because there are not many types of research

on this issue, the researcher was incapable of collecting correct and satisfying data.

Page | 81
5.5 Scope of Future Research

The scope of this study in the future is wide and positive. In the future, researchers can study

the topic “Blockchain technology in project management” with more accuracy and detail. It is

advised that they conduct more interviews, polls, and surveys of people that are linked with

the different industries that can implement blockchain. That being said, future researchers can

fetch answers from project managers by providing them with online questionnaires (Boyko,

2013). This will help the researchers to have a better understanding of the views of

blockchain technology in project management.

Page | 82
 References

Hargaden, V., Papakostas, N., Newell, A., Khavia, A. and Scanlon, A., 2019, June. The

role of blockchain technologies in construction engineering project management. In

2019 IEEE International Conference on Engineering, Technology and Innovation

(ICE/ITMC) (pp. 1-6). IEEE.

Hewavitharana, T., Nanayakkara, S. and Perera, S., 2019. Blockchain as a project

management platform.

Bai, Y., Li, Z., Wu, K., Yang, J., Liang, S., Ouyang, B., Chen, Z. and Wang, J., 2018,

November. Researchain: union blockchain based scientific research project

management system. In 2018 Chinese Automation Congress (CAC) (pp. 4206-4209).

IEEE.

Wang, J., Wu, P., Wang, X. and Shou, W., 2017. The outlook of blockchain technology

for construction engineering management. Frontiers of engineering management,

pp.67-75.

Machado, T.B., Ricciardi, L. and Oliveira, M.B.P., 2020. Blockchain technology for the

management of food sciences researches. Trends in Food Science & Technology, 102,

pp.261-270.

Hou, H., 2017, July. The application of blockchain technology in E-government in

China. In 2017 26th International Conference on Computer Communication and

Networks (ICCCN) (pp. 1-4). IEEE.

Kwilinski, A., 2019. Implementation of blockchain technology in accounting sphere.

Academy of Accounting and Financial Studies Journal, 23, pp.1-6.

Page | 83
Tijan, E., Aksentijević, S., Ivanić, K. and Jardas, M., 2019. Blockchain technology

implementation in logistics. Sustainability, 11(4), p.1185.

Meijer, D.B., 2017. Consequences of the implementation of blockchain technology.

Betzwieser, B., Franzbonenkamp, S., Riasanow, T., Böhm, M., Kienegger, H. and

Krcmar, H., 2019. A decision model for the implementation of blockchain solutions.

Syed, T.A., Alzahrani, A., Jan, S., Siddiqui, M.S., Nadeem, A. and Alghamdi, T.,

2019. A comparative analysis of blockchain architecture and its applications:

Problems and recommendations. IEEE access, 7, pp.176838-176869.

Oh, S.C., Kim, M.S., Park, Y., Roh, G.T. and Lee, C.W., 2017. Implementation of

blockchain-based energy trading system. Asia Pacific Journal of Innovation and

Entrepreneurship.

Radanović, I. and Likić, R., 2018. Opportunities for use of blockchain technology in

medicine. Applied health economics and health policy, 16(5), pp.583-590.

Ishmaev, G., 2017. Blockchain technology as an institution of property.

Metaphilosophy, 48(5), pp.666-686.

Zheng, Z., Xie, S., Dai, H.N., Chen, X. and Wang, H., 2018. Blockchain challenges

and opportunities: A survey. International Journal of Web and Grid Services, 14(4),

pp.352-375.

Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., Jenkins, D., McCallum, P.

and Peacock, A., 2019. Blockchain technology in the energy sector: A systematic

review of challenges and opportunities. Renewable and Sustainable Energy Reviews,

100, pp.143-174.

Page | 84
Al-Saqaf, W. and Seidler, N., 2017. Blockchain technology for social impact:

opportunities and challenges ahead. Journal of Cyber Policy, 2(3), pp.338-354.

Akram, S.V., Malik, P.K., Singh, R., Anita, G. and Tanwar, S., 2020. Adoption of

blockchain technology in various realms: Opportunities and challenges. Security and

Privacy, 3(5), p.e109.

Monrat, A.A., Schelén, O. and Andersson, K., 2019. A survey of blockchain from the

perspectives of applications, challenges, and opportunities. IEEE Access, 7,

pp.117134-117151.

Garcia-Teruel, R.M., 2020. Legal challenges and opportunities of blockchain

technology in the real estate sector. Journal of Property, Planning and Environmental

Law.

Kim, K., Lee, G. and Kim, S., 2020. A study on the application of blockchain

technology in the construction industry. KSCE Journal of Civil Engineering, 24(9),

pp.2561-2571.

Muminova, E., Honkeldiyeva, G., Kurpayanidi, K., Akhunova, S. and Hamdamova,

S., 2020. Features of Introducing Blockchain Technology in Digital Economy

Developing Conditions in Uzbekistan. In E3S Web of Conferences (Vol. 159, p.

04023). EDP Sciences.

Pastor, I.G., Olaso, J.R.O. and Fuente, F.S., 2018. Unveiling the Opportunities of

Using Blockchain in Project Management. Research and Education in Project

Management (Bilbao, 2018), 22.

Holotiuk, F. and Moormann, J., 2018. Organizational adoption of digital innovation:

The case of blockchain technology.

Page | 85
Drljevic, N., Aranda, D.A. and Stantchev, V., 2020. Perspectives on risks and

standards that affect the requirements engineering of blockchain technology.

Computer Standards & Interfaces, 69, p.103409.

Liu, A., Liu, T., Mou, J. and Wang, R., 2020. A supplier evaluation model based on

customer demand in blockchain tracing anti-counterfeiting platform project

management. Journal of Management Science and Engineering, 5(3), pp.172-194.

Golosova, J. and Romanovs, A., 2018, October. Overview of the blockchain

technology cases. In 2018 59th International Scientific Conference on Information

Technology and Management Science of Riga Technical University (ITMS) (pp. 1-6).

IEEE.

Lind, J., Naor, O., Eyal, I., Kelbert, F., Pietzuch, P. and Sirer, E.G., 2018, June.

Teechain: Reducing storage costs on the blockchain with offline payment channels. In

Proceedings of the 11th ACM International Systems and Storage Conference (pp.

125-125).

Kim, M., Hilton, B., Burks, Z. and Reyes, J., 2018, November. Integrating

blockchain, smart contract-tokens, and IoT to design a food traceability solution. In

2018 IEEE 9th Annual Information Technology, Electronics and Mobile

Communication Conference (IEMCON) (pp. 335-340). IEEE.

Prabhu, B.A. and Das, A., 2020. Enhancing retail business and customer experience

using blockchain approach. International Journal of Blockchains and

Cryptocurrencies, 1(3), pp.273-285.

Snyder, H., 2019. Literature review as a research methodology: An overview and

guidelines. Journal of business research, 104, pp.333-339.

Page | 86
Nayak, J.K. and Singh, P., 2021. Fundamentals of Research Methodology Problems

and Prospects. SSDN Publishers & Distributors.

Clarke, E. and Visser, J., 2019. Pragmatic research methodology in education:

possibilities and pitfalls. International Journal of Research & Method in Education,

42(5), pp.455-469.

Kanu, I.A., 2019. Igwebuike research methodology: A new trend for scientific and

wholistic investigation. IGWEBUIKE: An African Journal of Arts and Humanities,

pp.95-105.

Rajabov, N., 2019. Nazirjon Rajabov On the research methodology of investment

environment’s attractiveness provision to the question of the methodology of studying

the attractiveness of the investment climate. Архив научных исследований.

Ryder, C., Mackean, T., Coombs, J., Williams, H., Hunter, K., Holland, A.J. and

Ivers, R.Q., 2020. Indigenous research methodology–weaving a research interface.

International Journal of Social Research Methodology, 23(3), pp.255-267.

Fidahic, M., Nujic, D., Runjic, R., Civljak, M., Markotic, F., Makaric, Z.L. and

Puljak, L., 2020. Research methodology and characteristics of journal articles with

original data, preprint articles and registered clinical trial protocols about COVID-19.

BMC medical research methodology, 20(1), pp.1-9.

Babii, A., 2020. Important aspects of the experimental research methodology. Вісник

Тернопільського національного технічного університету, 97(1), pp.77-87.

Page | 87
Willmott, H., 2020. On research methodology. The Journal of Organization and

Discourse, 1(1), pp.1-4.

Kogan, A., Mayhew, B.W. and Vasarhelyi, M.A., 2019. Audit data analytics research

—An application of design science methodology. Accounting Horizons, 33(3), pp.69-

73.

Sun, M. and Lipsitz, S.R., 2018, April. Comparative effectiveness research

methodology using secondary data: A starting user’s guide. In Urologic Oncology:

Seminars and Original Investigations (Vol. 36, No. 4, pp. 174-182). Elsevier.

Greening, N., 2019. Phenomenological research methodology. Scientific Research

Journal, 7(5), pp.88-92.

Baron, P., 2019. Owning one’s epistemology in religious studies research

methodology. Kybernetes.

Wang, Z., Dang, S., Shaham, S., Zhang, Z. and Lv, Z., 2019. Basic research

methodology in wireless communications: The first course for research-based

graduate students. IEEE Access, 7, pp.86678-86696.

Ølnes, S., Ubacht, J. and Janssen, M., 2017. Blockchain in government: Benefits and

implications of distributed ledger technology for information sharing.

Swan, M., 2017. Anticipating the economic benefits of blockchain. Technology

innovation management review, 7(10), pp.6-13.

Feng, H., Wang, X., Duan, Y., Zhang, J. and Zhang, X., 2020. Applying blockchain

technology to improve agri-food traceability: A review of development methods,

benefits and challenges. Journal of Cleaner Production, 260, p.121031.

Page | 88
Garg, P., Gupta, B., Chauhan, A.K., Sivarajah, U., Gupta, S. and Modgil, S., 2021.

Measuring the perceived benefits of implementing blockchain technology in the

banking sector. Technological Forecasting and Social Change, 163, p.120407.

Ali, O., Jaradat, A., Kulakli, A. and Abuhalimeh, A., 2021. A comparative study:

blockchain technology utilization benefits, challenges and functionalities. IEEE

Access, 9, pp.12730-12749.

Min, H., 2019. Blockchain technology for enhancing supply chain resilience.

Business Horizons, 62(1), pp.35-45.

Khan, K.M., Arshad, J. and Khan, M.M., 2018. Secure digital voting system based on

blockchain technology. International Journal of Electronic Government Research

(IJEGR), 14(1), pp.53-62.

Golosova, J. and Romanovs, A., 2018, November. The advantages and disadvantages

of the blockchain technology. In 2018 IEEE 6th workshop on advances in

information, electronic and electrical engineering (AIEEE) (pp. 1-6). IEEE.

Niranjanamurthy, M., Nithya, B.N. and Jagannatha, S., 2019. Analysis of Blockchain

technology: pros, cons and SWOT. Cluster Computing, 22(6), pp.14743-14757.

Gatteschi, V., Lamberti, F., Demartini, C., Pranteda, C. and Santamaria, V., 2018. To

blockchain or not to blockchain: That is the question. IT Professional, 20(2), pp.62-

74.

Gupta, S., Sinha, S. and Bhushan, B., 2020, April. Emergence of blockchain

technology: Fundamentals, working and its various implementations. In Proceedings

of the International Conference on Innovative Computing & Communications

(ICICC).

Page | 89
 Alla, S., Soltanisehat, L., Tatar, U. and Keskin, O., 2018, May. Blockchain

technology in electronic healthcare systems. In Proceedings of the 2018 IISE Annual

Conference (pp. 1-6).

Atzori, M., 2015. Blockchain technology and decentralized governance: Is the state

still necessary?. Available at SSRN 2709713.

Boyko, E.J., 2013. Observational research—opportunities and limitations. Journal of

Diabetes and its Complications, 27(6), pp.642-648.

Trier, K.K. and Treffers, T., 2021, May. Agile Project Management in Creative Industries: A

systematic literature review and future research directions. In 2021 IEEE Technology &

Engineering Management Conference-Europe (TEMSCON-EUR) (pp. 1-8). IEEE.

Ruseva, M., 2019, September. Project management in the creative industries. In CBU

International Conference Proceedings (Vol. 7, pp. 269-277).

Nicholas, J.M. and Steyn, H., 2020. Project management for engineering, business and

technology. Routledge.

ISHIR, 2021. Blockchain Development Services. Available at:

https://www.ishir.com/blockchain-development.htm

Vibrant Dreamer, 2021. My Exotic Series of the Best ETFs in Canada – Part I, May 08.

Available at: https://vibrantdreamer.com/my-best-etfs-in-canada-part-1/

Navaneethan, L.K., 2020. Integrating Blockchain Technology in Project Life Cycle for

Efficient Project Management. GRIN Verlag.

Gupta, M., 2018. Blockchain for dummies (Hoboken, NJ.

Page | 90
Norris, T., 2019. Using blockchain as a project management device, IBM, June 05. Available

at: https://www.ibm.com/blogs/blockchain/2019/06/using-blockchain-as-a-project-

management-device/

Congruent Solutions, 2021. Blockchain: The disruptive technology that’s revolutionizing

finance. Available at: https://www.congruentsolutions.com/blogposts/blockchain-the-

disruptive-technology-thats-revolutionizing-finance/

Ellis, G., 2020. Blockchain in Construction: 4 Ways It Could Revolutionize the Industry,

Autodesk Construction Cloud, February 13. Available at:

https://adskconstruction.autodesk.com/autodesk-construction-cloud-blog/blockchain-in-

construction-4-ways-it-could-revolutionize-the-industry-2

Hewavitharana, T., Nanayakkara, S. and Perera, S., 2019. Blockchain as a project

management platform.

Turk, Ž. and Klinc, R., 2017. Potentials of blockchain technology for construction

management. Procedia engineering, 196, pp.638-645.

Hyla, T. and Pejaś, J., 2019. eHealth integrity model based on permissioned

blockchain. Future Internet, 11(3), p.76.

Nanayakkara, S., Rodrigo, M.N.N., Perera, S., Weerasuriya, G.T. and Hijazi, A.A., 2021. A

methodology for selection of a Blockchain platform to develop an enterprise system. Journal

of Industrial Information Integration, 23, p.100215.

Cocco, L., Pinna, A. and Marchesi, M., 2017. Banking on blockchain: Costs savings thanks

to the blockchain technology. Future internet, 9(3), p.25.

Page | 91
Melnikovas, A., 2018. Towards an explicit research methodology: Adapting research onion

model for futures studies. Journal of Futures Studies, 23(2), pp.29-44.

El Khatib, Mounir. (2020). How Blockchain Technology can Supports Project Management

Information System (PMIS).

Hölbl, M., Kompara, M., Kamišalić, A. and Nemec Zlatolas, L., 2018. A systematic review

of the use of blockchain in healthcare. Symmetry, 10(10), p.470.

Islam, I., Munim, K.M., Oishwee, S.J., Islam, A.N. and Islam, M.N., 2020. A critical review

of concepts, benefits, and pitfalls of blockchain technology using concept map. IEEE

Access, 8, pp.68333-68341.

FAUZI, M.A., PAIMAN, N. and OTHMAN, Z., 2020. Bitcoin and cryptocurrency:

Challenges, opportunities and future works. The Journal of Asian Finance, Economics, and

Business, 7(8), pp.695-704.

Page | 92